Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    399 E 28Th St Paterson, NJ 07514

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,400,000

    Fully occupied 6-family property with additional basement units.

    Property size:
    6,000 SF

    Property Features for 399 E 28Th St

    General Information

    Standard status
    Active
    Size
    6,000 SF

    Building Details

    Year built
    2021

    We can help!

    Listing Contact
    Juan Tomas Morel
    Source: Corcoran

    Listing Agency: REALTY OF AMERICA Listing Agent: Juan Tomas Morel

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Paterson Multifamily Investment Opportunity

    This fully occupied 6-family property in Paterson presents an investment opportunity. Each of the six units features 3 bedrooms and 2 bathrooms. The fully finished basement includes two additional units: a 2-bedroom/1-bath and a 3-bedroom/1-bath. The property generates $13,250 per month in rental income. The building is situated on a 50 x 100 lot and includes a private driveway with four dedicated parking spaces. The structure is well maintained with updated mechanicals. The annual taxes are $16,227.58. The property is located near transit, schools, and amenities. Buyers are encouraged to verify zoning with the city regarding the basement units.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Paterson
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.145226
    Latitude
    40.923107

    Nearby Similar for Sale

    • $600,000
      3,235 SF

      Mixed-Use Investment in Downtown Paterson

      High-yielding, turn-key asset in a growing market.
      119 W Broadway, Paterson, NJ 07522
      View Details
    • $499,000
      4,368 SF

      Paterson City Commercial Building

      Two-story building with basement in high-traffic area.
      84 Ellison St, Paterson, NJ 07505
      View Details
    • $1,900,000
      5,000 SF

      Waterfront Marina and Restaurant Opportunity

      6.2-acre marina and restaurant property on Rancocas Creek.
      625 Harrison St, Riverside, NJ 08075
      View Details
    • $1,950,000
      5,000 SF

      Versatile Commercial Building with Gated Lot

      5000 SF commercial building on 10,000 SF lot.
      72-78 Illinois Ave, Paterson, NJ 07503
      View Details
    • $2,800,000
      Pending

      Paterson City Commercial Opportunity

      Prime commercial property suitable for car lot, mechanic, or auto body.
      862-868 E 26Th St, Paterson, NJ 07513
      View Details
    • $999,999
      Pending

      Paterson City Commercial Building

      Vacant commercial building suitable for house of worship or daycare.
      433 Park Ave, Paterson, NJ 07504
      View Details
    • $89,900
      3,132 SF

      Turnkey Car Dealership Business

      Established used car dealership business for sale in high-traffic area.
      485 E 22Nd St, Paterson, NJ 07514
      View Details
    • Contact for pricing
      Pending

      Established Health-Focused Food Business

      Turnkey business opportunity in a prime location.
      534 Union Blvd, Totowa Boro, NJ 07512
      View Details
    • $150,000
      1,600 SF

      Paterson City Retail Business Opportunity

      Retail property for sale in Paterson City, New Jersey.
      153-155 Ellison St, Paterson, NJ 07505
      View Details
    • New
      $879,999
      2,772 SF

      Renovated Mixed-Use Paterson City Property

      Updated 4-unit property with apartments and storefronts in Paterson.
      615 E 22Nd St, Paterson, NJ 07514
      View Details
    • $475,000
      Pending

      Two-Story Multi-Family Fixer Upper

      Two-story, multi-family fixer-upper in Paterson City, NJ.
      123 Nagle St, Paterson, NJ 07501
      View Details
    • New
      $475,888

      Well-Maintained Two-Family Home

      Two-family home in a high-demand area, ideal for owner-occupants.
      29-31 22Nd Ave, Paterson, NJ 07513
      View Details

    FAQs

    What type of property is this?
    Apartment building - Fully occupied 6-family property with additional basement units.
    Where is this apartment building located?
    The property is located at 399 E 28Th St Paterson, NJ.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: - Fully occupied 6-family property generating $13,250/month in rental income.; - Fully finished basement with two additional units for increased rental potential.; - Strong value-add upside with below-market rents.
    (833) 256-4244
    Request Owner's contact information
    399 E 28Th St Paterson, NJ 07514
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    399 E 28Th St
    Paterson, NJ 07514
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    399 E 28Th St Paterson, NJ 07514
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Juan Tomas Morel
    (833) 256-4244
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!