Building Details

Year Built 1978

Listing Agency: WEICHERT REALTORS

Listed By: SANDY CUEVAS · License #300178 Show Phone

Source: Luminancerealty

Added: Mar 5 Changed: Oct 2 Last Checked: Oct 5 at 11:50PM

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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 / Yr

$17,585

Cap Rate

4.51%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$351,700 $351.7K

Cap Rate 7%

$251,214 $251.2K

Cap Rate 9%

$195,389 $195.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,232 SF

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 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 (±1% cap)

NOI $17,585 @ 7.0% cap · market cap 4.51%

Second Best

Industrial

$200.1K

$175.1K – $233.5K (±1% cap)

NOI $14,008 @ 7.0% cap · market cap 3.59%

Theoretical Best

Office A

$321.7K

$281.5K – $375.3K (±1% cap)

NOI $22,519 @ 7.0% cap · market cap 5.77%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Auto shops

Suggested Use

Top Pick Real Estate Agency Catering Service Veterinary Clinic (Bike/Boat/Book/etc) Store Nursing Home Tattoo & Piercing Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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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.