Paterson Multifamily Property for
For Sale
$679,000
Pending
24 Elizabeth Street, Paterson, NJ 07503
Multifamily property in Paterson, NJ, featuring 1237 square feet.
Property Size1,237 SF
Days on Market112
Property Features for 24 Elizabeth Street
General Information
Standard status
Pending
Size
1,237 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$17,280
Amenities
8
3
3.0
15
Full Partially finished
Vinyl Siding
Building Details
Year Built
1940
Listing Agency:
REALTY EMPIRE, LLC
(973) 510-2260
Listed By:
ANGEL ROSADO · License #299611
(973) 510-2260
Source:
Compass
Added: May 10
Changed: Aug 8
Last Checked: Jul 24 at 1:35PM
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 multifamily property is located in Paterson, New Jersey. The property offers 1237 square feet of space. It is suitable for use as a duplex or residential income property.
Key Highlights
- Multifamily property in Paterson, NJ
- 1237 square feet of living space
- Features a basement
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
$20,703
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
3.05%
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%
$414,060
$414.1K
Cap Rate 7%
$295,757
$295.8K
Cap Rate 9%
$230,033
$230.0K
Market Conditions
NOI Build-Up for 1,237 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
$31.6K $25.56/SF
− Vacancy
−$2.0K −$1.65/SF
EGI
$29.6K $23.91/SF
− OpEx
−$8.9K −$7.17/SF
NOI
$20.7K $16.74/SF
Area
Paterson, NJ
Vacancy
6.46%
Lease Rate
$25.56 /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%
$414,060
Cap Rate 7%
$295,757
Cap Rate 9%
$230,033
Alternative Uses
Best Use
Multifamily LT 5
$295.8K
$258.8K – $345.1K
NOI $20,703 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$271.8K
$237.8K – $317.1K
NOI $19,023 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$323.0K
$282.6K – $376.8K
NOI $22,610 @ 7.0% cap · market cap 3.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,529
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Multifamily property in Paterson, NJ, featuring 1237 square feet.
Where is this duplex located?
The property is located at 24 Elizabeth Street Paterson, NJ.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Multifamily property in Paterson, NJ; 1237 square feet of living space; Features a basement
