Multifamily Property with Finished
New
For Sale
$799,999
133-135 23RD Avenue, Paterson, NJ 07513
Updated kitchens, renovated bathrooms, and additional finished space support a flexible multifamily configuration.
Property Size2,908 SF
Price / SF$275.10
Days on Market3
Property Features for 133-135 23RD Avenue
General Information
Standard status
Active
Size
2,908 SF
Property subtype
Multi-family
Amenities
finished basement
backyard
garage
Building Details
Year Built
1900
Listing Agency:
CQR CONTINENTAL QUALITY REALTY
Listed By:
TENA LINDSAY-MCKENZIE
(833) 740-1234
Source:
Actionplusrealty
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 3 at 2:43AM
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 CQR CONTINENTAL QUALITY REALTY
Investment Insights
Based on property information with market context.
This multifamily property at 133-135 23RD Avenue includes 2,908 square feet of interior space. The layout features spacious units, updated kitchens, renovated bathrooms, additional bonus areas, and a finished basement. Exterior improvements include a backyard, garage, and driveway parking.
Built in 1900, the property is positioned near shopping, transportation, schools, and major roadways. The offering is conveyed as-is, with the existing improvements and site features included.
Built in 1900, the property is positioned near shopping, transportation, schools, and major roadways. The offering is conveyed as-is, with the existing improvements and site features included.
Key Highlights
- 2,908‑square‑foot multifamily property at 133‑135 23RD Avenue
- Updated kitchens and renovated bathrooms
- Finished basement and additional bonus space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,719
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$894,380
$894.4K
Cap Rate 7%
$638,843
$638.8K
Cap Rate 9%
$496,878
$496.9K
Market Conditions
NOI Build-Up for 2,908 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$87.2K $30.00/SF
− Vacancy
−$5.9K −$2.04/SF
EGI
$81.3K $27.96/SF
− OpEx
−$36.6K −$12.58/SF
NOI
$44.7K $15.38/SF
Area
Paterson, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$894,380
Cap Rate 7%
$638,843
Cap Rate 9%
$496,878
Alternative Uses
Best Use
Apartment 5plus
$638.8K
$559.0K – $745.3K
NOI $44,719 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$759.3K
$664.4K – $885.9K
NOI $53,154 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,826
Businesses Nearby
Explore this area
Business Placement
Demographics for 07513, NJ
11,995
Population
3,299
Households
3.6
Avg Household Size
35
Median Age
12%
College-Educated
77%
High-School Grad
0.6 sq mi
ZIP Area
19,992
Density / Sq Mi
$64,320
Median Household Income
$34,274
Median Earnings
$1,606
Median Rent
$387,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Updated kitchens, renovated bathrooms, and additional finished space support a flexible multifamily configuration.
Where is this multifamily property located?
The property is located at 133-135 23RD Avenue Paterson, NJ.
What is the asking price?
The asking price for this property is $799,999.
What are key features of this property?
This property features: 2,908‑square‑foot multifamily property at 133‑135 23RD Avenue; Updated kitchens and renovated bathrooms; Finished basement and additional bonus space
