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    Paterson Mixed-Use Value-Add Opportunity Title is generated by Realmo AI

    213 Franklin St, Paterson, NJ 07524

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    3,398 SF mixed-use property with residential and commercial potential.

    Type:Mixed Use, Multifamily, Retail, Special Purpose
    Property size:
    3,398 SF
    Price / SF:
    $191/SF
    Added:
    Mar 26, 2026
    Days on Market:
    68
    Last Refresh:
    May 12 at 11:19 pm

    Property Features for 213 Franklin St

    General Information

    Standard status
    Active
    Size
    3,398 SF
    Property subtype
    Mixed Use, Multifamily, Retail, Special Purpose

    We can help!

    Listing Contact
    Stavros Adonis Mallios

    Listing agent Stavros Adonis Mallios License #FL SL3517036

    Listing office Florida Homes Realty and Mortgage

    Listing date Mar 26, 2026

    Source Crexi

    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 Florida Homes Realty and Mortgage

    HighLights

    • Significant value‑add potential in a thriving urban market, ideal for investors looking to maximize returns.
    • Mixed‑use property (3,398 SF) balancing residential comfort with commercial potential.
    • Ground‑floor commercial space suitable for retail, office, or dining establishments in a high‑traffic area.
    • Residential portion offers spacious layouts and modern features attractive to a variety of tenants.
    • Strategic location in a rapidly developing area of Paterson, close to key transportation routes and a vibrant community.
    • Opportunity to increase rental income or resale value through upgrades and renovations to both residential and commercial spaces.

    Overview

    This 3,398 square foot mixed-use property in Paterson, NJ, offers a blend of residential and commercial potential. It is suited for investors seeking to enhance and maximize returns in an urban market. The residential portion features layouts and modern features, offering opportunities to increase rental income or resale value through upgrades and renovations. The ground-floor commercial space is suitable for businesses aiming to establish or expand in a high-traffic area. Improvements such as modernizing the storefront, enhancing the interior design, or reconfiguring the space could boost its appeal and rental income. The property is located in a developing area of Paterson, near transportation routes and a local community. Demand for residential and commercial spaces is expected to rise, enhancing the property's long-term value. The commercial space is suited for retail, office, or dining establishments.

    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 $101.9k $30.00
    − Vacancy −$6.9k −$2.04
    EGI $95.0k $27.96
    − OpEx −$42.8k −$12.58
    NOI $52.3k $15.38
    3,398 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $746.5K
    $653.2K – $870.9K (±1% cap)
    NOI $52,254 @ 7.0% cap · market cap 8.04%
    Second Best
    Office B
    $742.7K
    $649.9K – $866.5K (±1% cap)
    NOI $51,989 @ 7.0% cap · market cap 8.00%
    Theoretical Best
    Office A
    $887.3K
    $776.4K – $1.04M (±1% cap)
    NOI $62,110 @ 7.0% cap · market cap 9.56%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    R-LORENZO AUTO REPAIR ... Auto Repair Shop D&B Auto Repair Auto Repair Shop

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Paterson
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.1561301
    Latitude
    40.9262262

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    FAQs

    What type of property is this?
    Mixed-use property - 3,398 SF mixed-use property with residential and commercial potential.
    Where is this mixed-use property located?
    The property is located at 213 Franklin St Paterson, NJ.
    What is the asking price?
    The asking price for this property is $649,900.
    What are key features of this property?
    This property features: Significant value‑add potential in a thriving urban market, ideal for investors looking to maximize returns.; Mixed‑use property (3,398 SF) balancing residential comfort with commercial potential.; **Ground‑floor commercial space** suitable for retail, office, or dining establishments in a high‑traffic area.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Stavros Adonis Mallios
    Real Estate License ID: FL SL3517036
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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