12-Unit Apartment
For Sale
Contact for pricing
164 Atlantic Street, Paterson, NJ 07503
Fully occupied apartment property with a 30-year tax abatement in Paterson, New Jersey.
Property Size9,000 SF
Price / SF$416.67
Days on Market9
Property Features for 164 Atlantic Street
General Information
Standard status
Active
Size
9,000 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$293,919
Additional Details
Multifamily Units
12
Building Details
Year Built
2022
Buildings
1
Units
12
Tenancy
Multi
Listing Agency:
RE/MAX SELECT
(201) 240-5200
Listed By:
Patrick Varelas · License #NJ 1540486
Source:
Crexi
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 11 at 7:14AM
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 RE/MAX SELECT
Investment Insights
Based on property information with market context.
Located at 164 Atlantic Street in Paterson, New Jersey, this apartment building contains 12 units within approximately 9,000 square feet. The property has remained fully occupied since completion and includes a 30-year tax abatement.
The building provides an established multifamily configuration for ownership in the Paterson market. Its unit count, occupancy history, and tax-abatement term offer clear operating facts for evaluating the property.
The building provides an established multifamily configuration for ownership in the Paterson market. Its unit count, occupancy history, and tax-abatement term offer clear operating facts for evaluating the property.
Key Highlights
- 12 apartment units
- Approximately 9,000 square feet
- Fully occupied since completion
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
$138,402
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
3.69%
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%
$2,768,040
$2.8M
Cap Rate 7%
$1,977,171
$2.0M
Cap Rate 9%
$1,537,800
$1.5M
Market Conditions
NOI Build-Up for 9,000 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
$270.0K $30.00/SF
− Vacancy
−$18.4K −$2.04/SF
EGI
$251.6K $27.96/SF
− OpEx
−$113.2K −$12.58/SF
NOI
$138.4K $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%
$2,768,040
Cap Rate 7%
$1,977,171
Cap Rate 9%
$1,537,800
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,402 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.35M
$2.06M – $2.74M
NOI $164,506 @ 7.0% cap · market cap 4.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,368
Businesses Nearby
Explore this area
Business Placement
Demographics for 07503, NJ
19,893
Population
6,560
Households
3
Avg Household Size
35
Median Age
15%
College-Educated
78%
High-School Grad
1.5 sq mi
ZIP Area
13,262
Density / Sq Mi
$60,295
Median Household Income
$35,611
Median Earnings
$1,605
Median Rent
$314,900
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?
Apartment building - Fully occupied apartment property with a 30-year tax abatement in Paterson, New Jersey.
Where is this apartment building located?
The property is located at 164 Atlantic Street Paterson, NJ.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 12 apartment units; Approximately 9,000 square feet; Fully occupied since completion
