Renovated-Attic
For Sale
$899,000
256 Van Houten St, Paterson, NJ 07501
Fully rented multifamily property with updated systems, renovated living space, and shared backyard access.
Property Size2,458 SF
Price / SF$365.74
Days on Market32
Property Features for 256 Van Houten St
General Information
Standard status
Active
Size
2,458 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR
Multifamily Units
4
Amenities
backyard
Building Details
Year Built
1900
Listing Agency:
REAL
(201) 894-8004
Listed By:
REBECCA PRINGLE · License #293315
Source:
Luminancerealty
Added: Jul 31
Changed: Aug 29
Last Checked: Aug 30 at 8:37PM
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 REAL
Investment Insights
Based on property information with market context.
This four-unit residential income property was built in 1900 and is fully rented. The first floor contains a three-bedroom, two-bathroom unit, while the second floor is configured as two separate living spaces. A one-bedroom attic unit adds another distinct residence and was renovated in 2026.
Building systems have received recent attention, including four new water heaters installed in 2025. Furnaces are serviced annually. Residents also have access to a shared backyard. The property is located at 256 Van Houten St in Paterson City, New Jersey.
Building systems have received recent attention, including four new water heaters installed in 2025. Furnaces are serviced annually. Residents also have access to a shared backyard. The property is located at 256 Van Houten St in Paterson City, New Jersey.
Key Highlights
- Four‑unit property with a three‑bedroom, two‑bathroom first‑floor residence
- Second floor divided into 2 separate living spaces
- Renovated 1‑bedroom attic unit completed in 2026
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
$41,138
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
4.58%
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%
$822,760
$822.8K
Cap Rate 7%
$587,686
$587.7K
Cap Rate 9%
$457,089
$457.1K
Market Conditions
NOI Build-Up for 2,458 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
$62.8K $25.56/SF
− Vacancy
−$4.1K −$1.65/SF
EGI
$58.8K $23.91/SF
− OpEx
−$17.6K −$7.17/SF
NOI
$41.1K $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%
$822,760
Cap Rate 7%
$587,686
Cap Rate 9%
$457,089
Alternative Uses
Best Use
Multifamily LT 5
$587.7K
$514.2K – $685.6K
NOI $41,138 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$540.0K
$472.5K – $630.0K
NOI $37,799 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$641.8K
$561.6K – $748.8K
NOI $44,928 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,560
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully rented multifamily property with updated systems, renovated living space, and shared backyard access.
Where is this quadplex located?
The property is located at 256 Van Houten St Paterson, NJ.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Four‑unit property with a three‑bedroom, two‑bathroom first‑floor residence; Second floor divided into 2 separate living spaces; Renovated 1‑bedroom attic unit completed in 2026
