5-Unit Apartment
For Sale
$750,000
282 Ellison St, Paterson, NJ 07501
Five consistent one-bedroom residences, each with one bathroom, form the property’s multifamily configuration.
Property Size2,529 SF
Price / SF$296.56
Days on Market69
Property Features for 282 Ellison St
General Information
Standard status
Active
Size
2,529 SF
Units
Unit Mix
5 x 1BR/1BA
Multifamily Units
5
Listing Agency:
KELLER WILLIAMS MID-TOWN DIRECT
Listed By:
MENACHEM SILBERMAN · License #409133
(973) 762-5400
Source:
Luminancerealty
Added: Aug 12
Changed: Oct 11
Last Checked: Oct 16 at 11:56AM
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 KELLER WILLIAMS MID-TOWN DIRECT
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This multifamily property comprises five apartment units with a consistent one-bedroom, one-bathroom layout in each residence. The standardized configuration creates a uniform residential offering within the building.
The property is located at 282 Ellison St in Paterson City, New Jersey, within the 5th Ward. It is classified as an apartment building and is offered for sale.
The property is located at 282 Ellison St in Paterson City, New Jersey, within the 5th Ward. It is classified as an apartment building and is offered for sale.
Key Highlights
- Five apartment units in the building
- Every unit includes one bedroom and one bathroom
- Located at 282 Ellison St, Paterson City, NJ 07501
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,891
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$777,820
$777.8K
Cap Rate 7%
$555,586
$555.6K
Cap Rate 9%
$432,122
$432.1K
Market Conditions
NOI Build-Up for 2,529 SF
Gross rent
$75.9K $30.00/SF
− Vacancy
−$5.2K −$2.04/SF
EGI
$70.7K $27.96/SF
− OpEx
−$31.8K −$12.58/SF
NOI
$38.9K $15.38/SF
Area
Paterson, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$777,820
Cap Rate 7%
$555,586
Cap Rate 9%
$432,122
Alternative Uses
Best Use
Apartment 5plus
$555.6K
$486.1K – $648.2K
NOI $38,891 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$660.4K
$577.8K – $770.4K
NOI $46,226 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
5
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Five consistent one-bedroom residences, each with one bathroom, form the property’s multifamily configuration.
Where is this apartment building located?
The property is located at 282 Ellison St Paterson, NJ.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Five apartment units in the building; Every unit includes one bedroom and one bathroom; Located at 282 Ellison St, Paterson City, NJ 07501
