Mixed-Use Building with
New
For Sale
$540,000
213 21st Ave, Paterson, NJ 07501
The vacant ground-floor commercial unit is paired with a renovated two-bedroom residence above.
Property Size1,473 SF
Price / SF$366.60
Days on Market5
Property Features for 213 21st Ave
General Information
Standard status
Active
Size
1,473 SF
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Building Details
Year Built
1900
Year Renovated
2024
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
REALTY EMPIRE, LLC
Listed By:
SHEILA TERRONES
(973) 653-4800
Source:
Luminancerealty
Added: Sep 28
Last Checked: Oct 1 at 1:53PM
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 REALTY EMPIRE, LLC
Investment Insights
Based on property information with market context.
This mixed-use building combines a vacant commercial space on the ground level with a two-bedroom, one-bath apartment on the second floor. The commercial unit connects to a finished basement. Both spaces were renovated in 2024; the building dates to 1900.
Key Highlights
- Vacant commercial space on the first floor
- Second‑floor apartment with 2 bedrooms and 1 bathroom
- Finished basement accessible from the commercial unit
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
$21,025
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
3.89%
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%
$420,500
$420.5K
Cap Rate 7%
$300,357
$300.4K
Cap Rate 9%
$233,611
$233.6K
Market Conditions
NOI Build-Up for 1,473 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
$31.8K $21.60/SF
− Vacancy
−$1.8K −$1.21/SF
EGI
$30.0K $20.39/SF
− OpEx
−$9.0K −$6.12/SF
NOI
$21.0K $14.27/SF
Area
Paterson, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$420,500
Cap Rate 7%
$300,357
Cap Rate 9%
$233,611
Alternative Uses
Best Use
Retail
$300.4K
$262.8K – $350.4K
NOI $21,025 @ 7.0% cap · market cap 3.89%
Second Best
Mixed Use
$277.8K
$243.1K – $324.1K
NOI $19,444 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$384.6K
$336.6K – $448.7K
NOI $26,924 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,904
Businesses Nearby
35k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Dining 23%
Electronics 14%
Exxon
Shops & Services
10,493 visits/mo
0.1 miles
Dunkin' Donuts
Dining
8,115 visits/mo
0.3 miles
U-Haul Moving & Storage Of Downtown Paterson
Shops & Services
4,063 visits/mo
0.4 miles
Family Dollar
Shops & Services
3,875 visits/mo
0.5 miles
TD Bank
Shops & Services
3,654 visits/mo
0.3 miles
Demographics for 07501, NJ
37,918
Population
13,119
Households
2.9
Avg Household Size
33
Median Age
9%
College-Educated
71%
High-School Grad
1.8 sq mi
ZIP Area
21,066
Density / Sq Mi
$40,699
Median Household Income
$32,103
Median Earnings
$1,442
Median Rent
$304,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The vacant ground-floor commercial unit is paired with a renovated two-bedroom residence above.
Where is this mixed-use property located?
The property is located at 213 21st Ave Paterson, NJ.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Vacant commercial space on the first floor; Second‑floor apartment with 2 bedrooms and 1 bathroom; Finished basement accessible from the commercial unit
