Three-Story Multifamily
For Sale
$820,000
40-42 Manchester Ave, Paterson, NJ 07502
Residential building with finished lower-level space and window-unit cooling.
Property Size2,700 SF
Price / SF$303.70
Days on Market99
Property Features for 40-42 Manchester Ave
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Residential Income
Zoning
residential
Taxes and HOA fees
Annual Taxes
$18,149
Amenities
Window Unit(s)
Baseboard, Natural Gas
Finished, Full
Gas Water Heater
3-Three Story
Building Details
Year Built
1940
Stories
3
Listing Agency:
PROMISE LAND REALTY
Listed By:
GUIDO BARRANTES · License #250954
(973) 767-4157
Source:
Evrealestate
Added: Jul 17
Changed: Oct 23
Last Checked: Oct 23 at 5:17PM
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 PROMISE LAND REALTY
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This three-story multifamily property contains 2,700 square feet and was built in 1940. Interior features include a finished full basement, window-unit cooling, and baseboard heat fueled by natural gas. A gas water heater serves the building.
The property is located at 40-42 Manchester Ave in Paterson, Passaic County, New Jersey. Directions reference Totowa Ave and Manchester Ave.
The property is located at 40-42 Manchester Ave in Paterson, Passaic County, New Jersey. Directions reference Totowa Ave and Manchester Ave.
Key Highlights
- 2,700‑square‑foot multifamily property
- Three‑story building constructed in 1940
- Finished full basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,521
Cap Rate
5.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$830,420
$830.4K
Cap Rate 7%
$593,157
$593.2K
Cap Rate 9%
$461,344
$461.3K
Market Conditions
NOI Build-Up for 2,700 SF
Gross rent
$81.0K $30.00/SF
− Vacancy
−$5.5K −$2.04/SF
EGI
$75.5K $27.96/SF
− OpEx
−$34.0K −$12.58/SF
NOI
$41.5K $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%
$830,420
Cap Rate 7%
$593,157
Cap Rate 9%
$461,344
Alternative Uses
Best Use
Apartment 5plus
$593.2K
$519.0K – $692.0K
NOI $41,521 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$705.0K
$616.9K – $822.5K
NOI $49,352 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
1,302
Businesses Nearby
Explore this area
Business Placement
Demographics for 07502, NJ
16,592
Population
4,861
Households
3.4
Avg Household Size
35
Median Age
17%
College-Educated
78%
High-School Grad
0.9 sq mi
ZIP Area
18,436
Density / Sq Mi
$68,649
Median Household Income
$32,407
Median Earnings
$1,492
Median Rent
$347,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Residential building with finished lower-level space and window-unit cooling.
Where is this multifamily property located?
The property is located at 40-42 Manchester Ave Paterson, NJ.
What is the asking price?
The asking price for this property is $820,000.
What are key features of this property?
This property features: 2,700‑square‑foot multifamily property; Three‑story building constructed in 1940; Finished full basement
