Duplex with Finished Bonus
For Sale
$750,000
Pending
451 E 31St St 2, Paterson, NJ 07504
Two-unit multifamily with finished basement and attic bonus areas, plus private yard space with an above-ground pool.
Property Size2,800 SF
Lot Size0.07 Acres
Days on Market108
Property Features for 451 E 31St St 2
General Information
Standard status
Pending
Size
2,800 SF
Lot size
0.07 Acres
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$12,153
Amenities
finished basement
finished attic
private yard
above ground pool
Building Details
Year Built
1700
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
SIGNATURE REALTY NJ
(973) 921-1111
Listed By:
YESENIA ALCIVAR · License #393106
Source:
Elliman
Added: May 9
Changed: Aug 16
Last Checked: Aug 24 at 6:51AM
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 SIGNATURE REALTY NJ
Investment Insights
Based on property information with market context.
This spacious duplex-style multifamily property features two units with generous interior layouts. The first floor includes three bedrooms with a living room, dining room, and kitchen, while the second floor offers four bedrooms with living room, dining room, and kitchen. Additional finished bonus spaces include a basement and attic, each with full bathrooms, providing extra flexibility within the overall configuration. A private yard area with an above-ground pool rounds out the exterior.
Located in Paterson’s Eastside section, the property is positioned for everyday convenience with proximity to major highways, public transportation, schools, shopping, and local amenities.
With its two main units and additional finished bonus areas, this property offers a versatile setup for those considering either tenancy flexibility or owner-occupancy while retaining distinct unit living.
Located in Paterson’s Eastside section, the property is positioned for everyday convenience with proximity to major highways, public transportation, schools, shopping, and local amenities.
With its two main units and additional finished bonus areas, this property offers a versatile setup for those considering either tenancy flexibility or owner-occupancy while retaining distinct unit living.
Key Highlights
- 2‑unit multifamily home with finished basement and finished attic bonus areas, each with a full bathroom
- Approximately 2,800+ sq ft of living space on a 3,000 sq ft lot
- First floor layout includes 3 bedrooms plus living room, dining room, and kitchen
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
$46,861
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
6.25%
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%
$937,220
$937.2K
Cap Rate 7%
$669,443
$669.4K
Cap Rate 9%
$520,678
$520.7K
Market Conditions
NOI Build-Up for 2,800 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
$71.6K $25.56/SF
− Vacancy
−$4.6K −$1.65/SF
EGI
$66.9K $23.91/SF
− OpEx
−$20.1K −$7.17/SF
NOI
$46.9K $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%
$937,220
Cap Rate 7%
$669,443
Cap Rate 9%
$520,678
Alternative Uses
Best Use
Multifamily LT 5
$669.4K
$585.8K – $781.0K
NOI $46,861 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$615.1K
$538.2K – $717.6K
NOI $43,058 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$731.1K
$639.8K – $853.0K
NOI $51,180 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,562
Businesses Nearby
Explore this area
Business Placement
Demographics for 07504, NJ
13,413
Population
4,105
Households
3.3
Avg Household Size
36
Median Age
18%
College-Educated
85%
High-School Grad
0.8 sq mi
ZIP Area
16,766
Density / Sq Mi
$67,269
Median Household Income
$37,024
Median Earnings
$1,426
Median Rent
$369,600
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?
Duplex - Two-unit multifamily with finished basement and attic bonus areas, plus private yard space with an above-ground pool.
Where is this duplex located?
The property is located at 451 E 31St St 2 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: 2‑unit multifamily home with finished basement and finished attic bonus areas, each with a full bathroom; Approximately 2,800+ sq ft of living space on a 3,000 sq ft lot; First floor layout includes 3 bedrooms plus living room, dining room, and kitchen
