Two-Story Mixed-Use
179 Illinois Ave, Paterson, NJ 07503
For Sale
$425,000
A vacant first-floor office and an occupied upper-level residence provide distinct commercial and residential components.
Property Size2,600 SF
Price / SF$163.46
Days on Market253
Property Features for 179 Illinois Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Net Operating Income
Additional Details
Utilities to Site
Tenant in Place
Amenities
hardwood floors
attic for storage
fenced in yard
Building Details
Building Size
Year Built
Stories
Units
Listing Agency:
Coldwell Banker Realty
(973) 729-6111
Listed By:
Lucille T. Brule
(973) 632-1480
Source:
Arcadiarealtors
Added: Mar 2
Changed: Nov 2
Last Checked: Nov 8 at 4:52AM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This two-story mixed-use property has vacant office space on the first floor, arranged as six rooms with a half bath. The full basement is partially finished and also has a half bath. Upstairs, the tenant’s residence includes one bedroom, an eat-in kitchen, a living room, a full bath, hardwood floors, and attic storage. The current lease runs through January 31, 2027.
The property sits on a corner lot with a fenced yard and is described as local to schools and Route 80. Built in 1950, it is zoned Mixed Use. An underground oil tank was recently removed, and remediation is in progress.
The property sits on a corner lot with a fenced yard and is described as local to schools and Route 80. Built in 1950, it is zoned Mixed Use. An underground oil tank was recently removed, and remediation is in progress.
Key Highlights
- Two‑story mixed‑use property with vacant first‑floor office space
- First floor has six rooms and a half bath; partially finished full basement has a half bath
- Upper‑level residence has one bedroom, eat‑in kitchen, living room, full bath, hardwood floors, and attic storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,320
Cap Rate
8.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$686,400
$686.4K
Cap Rate 7%
$490,286
$490.3K
Cap Rate 9%
$381,333
$381.3K
Market Conditions
NOI Build-Up for 2,600 SF
Gross rent
$62.4K $24.00/SF
− Vacancy
−$7.5K −$2.88/SF
EGI
$54.9K $21.12/SF
− OpEx
−$20.6K −$7.92/SF
NOI
$34.3K $13.20/SF
Area
Paterson, NJ
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$686,400
Cap Rate 7%
$490,286
Cap Rate 9%
$381,333
Alternative Uses
Best Use
Mixed Use
$490.3K
$429.0K – $572.0K
NOI $34,320 @ 7.0% cap · market cap 8.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$678.9K
$594.1K – $792.1K
NOI $47,524 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,318
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
$314,900
Median Home Value
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Market
Average Price Trend$/SF for Mixed-use properties in Paterson, NJ
Properties on Market for Mixed-use properties in Paterson
Frequently Asked Questions
What type of property is this?
Mixed-use property - A vacant first-floor office and an occupied upper-level residence provide distinct commercial and residential components.
Where is this mixed-use property located?
The property is located at 179 Illinois Ave Paterson, NJ.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑story mixed‑use property with vacant first‑floor office space; First floor has six rooms and a half bath; partially finished full basement has a half bath; Upper‑level residence has one bedroom, eat‑in kitchen, living room, full bath, hardwood floors, and attic storage
