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    Self Storage Redevelopment Opportunity Title is generated by Realmo AI

    182-184 Ellison St, Paterson, NJ 07505

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    Redevelopment opportunity with plans for Class A climate-controlled storage.

    Type:Self Storage
    Property size:
    85,617 SF
    Added:
    Apr 1, 2026
    Days on Market:
    68
    Last Refresh:
    Apr 1 at 11:52 am

    Property Features for 182-184 Ellison St

    General Information

    Standard status
    Active
    Size
    85,617 SF
    Property subtype
    Self Storage

    We can help!

    Listing Contact
    David Perlleshi
    David Perlleshi

    Listing agent David Perlleshi License #NC #333662

    Listing office Franklin Street - Corporate

    Listing date Apr 1, 2026

    Source Franklinst

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Franklin Street - Corporate

    HighLights

    • Fully approved site allows immediate construction, skipping additional reviews.
    • Convert 85,617 square feet into a Class A climate‑control self‑storage facility with 1,000 units.
    • High barrier to entry market due to limited vacant parcels.
    • High demand for self‑storage with a low market saturation rate of 4.1 SF/Capita within three miles.
    • Extremely dense population with 271,508 residents within three miles.
    • Strong average household income of $113,666 within five miles.

    Overview

    This is a self-storage redevelopment opportunity with approved plans to convert 85,617 square feet into a Class A climate-controlled facility. The plans include 1,000 units, totaling 53,250 net rentable square feet. The fully approved site includes all zoning, site plan, and historic-preservation approvals. Entitlements allow immediate commencement of construction without additional municipal review. Paterson, New Jersey is a high barrier to entry market due to limited available vacant parcels and strict redevelopment controls. There is high demand for self-storage in the market, evidenced by a very low market saturation rate of 4.1 square feet per capita within three miles of the site. The location benefits from an extremely dense population, with 271,508 residents within three miles and 555,989 residents within five miles. The average household income is $113,666 within five miles of the site. Paterson is located in Northeast New Jersey, approximately 15 miles northwest of New York City. The New York-Newark-Jersey City MSA is the largest in the United States and is home to 19,498,249 residents.
    Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Paterson
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.169621
    Latitude
    40.9171552

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    FAQs

    What type of property is this?
    Self storage facility - Redevelopment opportunity with plans for Class A climate-controlled storage.
    Where is this self storage facility located?
    The property is located at 182-184 Ellison St Paterson, NJ.
    What are key features of this property?
    This property features: Fully approved site allows immediate construction, skipping additional reviews.; Convert 85,617 square feet into a Class A climate‑control self‑storage facility with 1,000 units.; High barrier to entry market due to limited vacant parcels.
    (813) 793-8488
    We can help!
    Listing Contact
    David Perlleshi
    David Perlleshi
    Real Estate License ID: NC #333662
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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