Two-Story Residential Income
For Sale
$845,000
377 Ellison Street, Paterson, NJ 07501
Built in 1950 with central air, forced-air heating, and natural gas service.
Property Size3,240 SF
Price / SF$260.80
Days on Market331
Property Features for 377 Ellison Street
General Information
Standard status
Active
Size
3,240 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$11,850
Amenities
Ceiling Fan(s), Central Air
Forced Air, Natural Gas
Finished, Full
2-Two Story
Building Details
Year Built
1950
Stories
2
Listing Agency:
Weichert Realtors, Kinnelon
Listed By:
NATALI PALLERO · License #307956
(201) 620-4403
Source:
Evrealestate
Added: Oct 13, 2025
Changed: Aug 31
Last Checked: Sep 7 at 5:07AM
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 Weichert Realtors, Kinnelon
Investment Insights
Based on property information with market context.
This two-story residential income property at 377 Ellison Street in Paterson City, New Jersey, was built in 1950. The home includes central air, ceiling fans, forced-air heating, and natural gas service. Finished interior space and a full-level area are also identified in the property features.
The property is located in Passaic County and is addressed on Ellison Street in Paterson City. Its two-story configuration and established construction date provide the primary physical characteristics documented for the asset.
The property is located in Passaic County and is addressed on Ellison Street in Paterson City. Its two-story configuration and established construction date provide the primary physical characteristics documented for the asset.
Key Highlights
- Two‑story residential income property
- Built in 1950
- Central air and ceiling fans
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
$49,825
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
5.90%
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%
$996,500
$996.5K
Cap Rate 7%
$711,786
$711.8K
Cap Rate 9%
$553,611
$553.6K
Market Conditions
NOI Build-Up for 3,240 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
$97.2K $30.00/SF
− Vacancy
−$6.6K −$2.04/SF
EGI
$90.6K $27.96/SF
− OpEx
−$40.8K −$12.58/SF
NOI
$49.8K $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 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%
$996,500
Cap Rate 7%
$711,786
Cap Rate 9%
$553,611
Alternative Uses
Best Use
Apartment 5plus
$711.8K
$622.8K – $830.4K
NOI $49,825 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$846.0K
$740.3K – $987.0K
NOI $59,222 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,246
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?
Residential income property - Built in 1950 with central air, forced-air heating, and natural gas service.
Where is this residential income property located?
The property is located at 377 Ellison Street Paterson, NJ.
What is the asking price?
The asking price for this property is $845,000.
What are key features of this property?
This property features: Two‑story residential income property; Built in 1950; Central air and ceiling fans
