Commercial Garage Mechanical
For Sale
$390,000
478 Main St, Paterson, NJ 07501
Commercial garage currently used as a mechanical shop.
Property Size1,232 SF
Lot Size0.05 Acres
Price / SF$316.56
Days on Market239
Property Features for 478 Main St
General Information
Standard status
Active
Size
1,232 SF
Lot size
0.05 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,160
Amenities
Asphalt Shingle Roof
Building Details
Year Built
1978
Listing Agency:
WEICHERT REALTORS
(201) 333-4443
Listed By:
SANDY CUEVAS · License #300178
(201) 205-4412
Source:
Corcoran
Added: Jan 6
Changed: Sep 2
Last Checked: Sep 1 at 8:11PM
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
Investment Insights
Based on property information with market context.
This commercial garage, currently operating as a mechanical shop, offers 1,232 square feet of space. The building dimensions are 24 feet by 88 feet. It is available for purchase as a package deal with a mixed-use property located at 480 Main St, Paterson, NJ.
Key Highlights
- Large 24X88 commercial garage, ideal for various business ventures.
- Currently used as a mechanical shop.
- Built in 1978.
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
$17,585
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
4.51%
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%
$351,700
$351.7K
Cap Rate 7%
$251,214
$251.2K
Cap Rate 9%
$195,389
$195.4K
Market Conditions
NOI Build-Up for 1,232 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
$26.6K $21.60/SF
− Vacancy
−$1.5K −$1.21/SF
EGI
$25.1K $20.39/SF
− OpEx
−$7.5K −$6.12/SF
NOI
$17.6K $14.27/SF
Area
Paterson, NJ
Vacancy
5.60%
Lease Rate
$21.60 /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%
$351,700
Cap Rate 7%
$251,214
Cap Rate 9%
$195,389
Alternative Uses
Best Use
Retail
$251.2K
$219.8K – $293.1K
NOI $17,585 @ 7.0% cap · market cap 4.51%
Second Best
Industrial
$200.1K
$175.1K – $233.5K
NOI $14,008 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$321.7K
$281.5K – $375.3K
NOI $22,519 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,276
Businesses Nearby
76k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 68%
Shops & Services 24%
Apparel 6%
Home Improvements & Furnishings 1%
Checkers
Dining
13,508 visits/mo
0.5 miles
Burger King
Dining
12,988 visits/mo
0.5 miles
Exxon
Shops & Services
10,493 visits/mo
0.4 miles
Popeyes Louisiana Kitchen
Dining
9,276 visits/mo
0.5 miles
Dunkin' Donuts
Dining
8,115 visits/mo
0.1 miles
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 Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Commercial garage currently used as a mechanical shop.
Where is this auto shop located?
The property is located at 478 Main St Paterson, NJ.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Large 24X88 commercial garage, ideal for various business ventures.; Currently used as a mechanical shop.; Built in 1978.
