Updated Mixed-Use Building in
153 Ellison St Paterson, NJ 07505
153 Ellison St, Paterson, NJ, 07505
$1,700,000
For Sale
$1,700,000
Nine-unit building with residential and commercial spaces in downtown Paterson.
Property Size5,300 SF
Lot Size0.12 Acres
Price / SF$320.75
Days on Market330
Property Features for 153 Ellison St
General Information
- Standard status
- Active
- Size
- 5,300 SF
- Lot size
- 0.12 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1900
Listing Agency
NICHOLAS REAL ESTATE AGENCY
(973) 340-1202
Listed by
JUANA E. TORRES
Source
Corcoran
Added: Aug 22, 2025 Checked: Jul 17 at 3:41 am
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 NICHOLAS REAL ESTATE AGENCY
Investment Insights
Based on property information with market context.
This nine-unit building is located in the heart of downtown Paterson. The property features a mix of residential and commercial spaces, comprising five residential apartments and four commercial units. The residential units include one three-bedroom apartment, two two-bedroom apartments, and two one-bedroom apartments, all described as spacious. The property has undergone several updates and has one vacant unit available for immediate rental. Most tenants are currently on month-to-month leases, offering flexibility for new ownership. This property is presented as a potential investment opportunity.
Key Highlights
- 9‑unit building in downtown Paterson, featuring 5 residential and 4 commercial units.
- Recently obtained green card.
- One vacant unit is ready for immediate rental income.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $159.0k | $30.00 |
| − Vacancy | −$10.8k | −$2.04 |
| EGI | $148.2k | $27.96 |
| − OpEx | −$66.7k | −$12.58 |
| NOI | $81.5k | $15.38 |
5,300 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.02M – $1.36M
NOI $81,503 @ 7.0% cap · market cap 4.79%
Second Best
Retail
$1.08M
$945.6K – $1.26M
NOI $75,648 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,876 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Antojitos Salvadoreños y ...
Restaurant
Banquerts Flowers
(Bike/Boat/Book/etc) Store
A Buck Or 2 Unique ...
Discount Store
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Nine-unit building with residential and commercial spaces in downtown Paterson.
Where is this apartment building located?
The property is located at 153 Ellison St Paterson, NJ.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 9‑unit building in downtown Paterson, featuring 5 residential and 4 commercial units.; Recently obtained green card.; One vacant unit is ready for immediate rental income.
