Duplex With Finished Bonus
For Sale
$750,000
Pending
451 E 31St St, Paterson, NJ 07504
Multi-Family, 2-Two Story, 3-Three Story, Paterson City, NJ
Property Size2,800 SF
Lot Size0.07 Acres
Days on Market142
Property Features for 451 E 31St St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bedroom 7, Bedroom 9, Bathroom 1, Bedroom 2, Basement, Bedroom 8, Bedroom 6, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 5
Parking
1
Interior features
Carbon Monoxide Detector, Fire Extinguisher, Smoke Detector, Tile Floors, Vinyl-Linoleum Floors
Exterior features
Sidewalk, Storm Door(s)
Lot features
Level Lot
Directions
VREEELAND AVE TO 19TH AVE TO E. 31st / 18th AVE TO TO E. 31st
Standard status
Pending
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12153
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard
Water source
Public
Amenities
above ground pool
Building Details
Year built
1700
Floors in Building
3
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
SERHANT NEW JERSEY LLC
(973) 315-5959
Listed By:
YESENIA ALCIVAR · License #393106
(973) 315-5959
Added: Apr 14
Changed: Aug 31
Last Checked: Sep 2 at 2:06AM
MLS# 4020694
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex provides approximately 2,800+ sq ft of living space on a 3,000 sq ft lot. The first level includes three bedrooms, a living room, dining room, and kitchen, while the second level offers four bedrooms with its own living, dining, and kitchen areas. Finished basement and attic spaces add flexibility and each includes a full bathroom. A private yard with an above-ground pool is also included.
The property is located in Paterson’s Eastside section near major highways, public transportation, schools, shopping, and local amenities. Public water and public sewer serve the property. Interior features include tile and vinyl-linoleum flooring, while heating is provided by hot water and baseboard systems.
The property is located in Paterson’s Eastside section near major highways, public transportation, schools, shopping, and local amenities. Public water and public sewer serve the property. Interior features include tile and vinyl-linoleum flooring, while heating is provided by hot water and baseboard systems.
Key Highlights
- 2 units plus 2 bonus units
- Approximately 2,800+ sq ft of living space
- 3,000 sq ft lot, or 0.07 acres
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
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-story duplex with finished lower and attic areas, private yard, and above-ground pool in Paterson’s Eastside section.
Where is this duplex located?
The property is located at 451 E 31St 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: 2 units plus 2 bonus units; Approximately 2,800+ sq ft of living space; 3,000 sq ft lot, or 0.07 acres
