Six-Unit Brick Apartment
New
For Sale
$1,185,000
511 E 28Th St, Paterson, NJ 07514
Brick multifamily property with varied unit layouts, separate utilities, basement storage, and on-site parking.
Property Size5,576 SF
Price / SF$212.52
Days on Market4
Property Features for 511 E 28Th St
General Information
Standard status
Active
Size
5,576 SF
Property subtype
Commercial
Units
Unit Mix
2 x 1BR, 4 x 2BR
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$16,005
Amenities
Central air
Asphalt Shingle Roof
Blacktop Driveway
Forced Hot Air Heating
Wall A/C Unit(s) Cooling
Building Details
Year Built
9999
Buildings
1
Construction
brick
Listing Agency:
UNICASA UNION REALTY INC
(973) 942-4300
Listed By:
LINDA IRIARTE · License #238917
Source:
Corcoran
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 20 at 5:42AM
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 UNICASA UNION REALTY INC
Investment Insights
Based on property information with market context.
This 5,576-square-foot brick apartment property contains six residential units, including two one-bedroom apartments and four two-bedroom apartments. Each unit includes a living area, dining space, kitchen, and one full bathroom, with hardwood flooring throughout. The building also has three unfinished basement areas and a roof installed in 2020.
The property is located at 511 E 28th St in Paterson’s Eastside section. Gas and electric service are separately metered, with six water meters and three hot water tanks serving the building. A large driveway provides parking for over 10 cars, adding practical on-site capacity for residents.
The property is located at 511 E 28th St in Paterson’s Eastside section. Gas and electric service are separately metered, with six water meters and three hot water tanks serving the building. A large driveway provides parking for over 10 cars, adding practical on-site capacity for residents.
Key Highlights
- Six‑unit apartment building with two one‑bedroom and four two‑bedroom units
- 5,576 square feet of building area
- Hardwood flooring throughout all units
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
$85,748
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
7.24%
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%
$1,714,960
$1.7M
Cap Rate 7%
$1,224,971
$1.2M
Cap Rate 9%
$952,756
$952.8K
Market Conditions
NOI Build-Up for 5,576 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
$167.3K $30.00/SF
− Vacancy
−$11.4K −$2.04/SF
EGI
$155.9K $27.96/SF
− OpEx
−$70.2K −$12.58/SF
NOI
$85.7K $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 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%
$1,714,960
Cap Rate 7%
$1,224,971
Cap Rate 9%
$952,756
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.07M – $1.43M
NOI $85,748 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.27M – $1.70M
NOI $101,920 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,603
Businesses Nearby
Explore this area
Business Placement
Demographics for 07514, NJ
19,200
Population
6,752
Households
2.8
Avg Household Size
37
Median Age
12%
College-Educated
78%
High-School Grad
0.9 sq mi
ZIP Area
21,333
Density / Sq Mi
$65,492
Median Household Income
$34,962
Median Earnings
$1,472
Median Rent
$314,400
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?
Apartment building - Brick multifamily property with varied unit layouts, separate utilities, basement storage, and on-site parking.
Where is this apartment building located?
The property is located at 511 E 28Th St Paterson, NJ.
What is the asking price?
The asking price for this property is $1,185,000.
What are key features of this property?
This property features: Six‑unit apartment building with two one‑bedroom and four two‑bedroom units; 5,576 square feet of building area; Hardwood flooring throughout all units
