Storefront Restaurant
For Sale
$769,000
515-517 Park Ave, Paterson, NJ 07504
For-sale multi-unit storefront property suited for restaurant or retail use on Park Ave in Paterson, NJ.
Property Size3,600 SF
Days on Market131
Property Features for 515-517 Park Ave
General Information
Standard status
Active
Size
3,600 SF
Zoning
R2
Taxes and HOA fees
Annual Taxes
$15,743
Amenities
Window Unit(s)
Natural Gas
Unfinished
On Street
Building Details
Building Size
3,600 SF
Stories
2
Listing Agency:
Nicholas Real Estate
Listed By:
LINTON GAINES
(973) 563-2367
Source:
Evrealestate
Added: Apr 28
Changed: Aug 8
Last Checked: Sep 5 at 4:20AM
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 Nicholas Real Estate
Investment Insights
Based on property information with market context.
This for-sale storefront property is set up for conventional restaurant and retail use, presented as a combined offering at 515–517 Park Ave. As a retail-focused asset, it provides the kind of street-level presence many operators look for when seeking a manageable, storefront-style footprint.
The property is located on Park Ave in Paterson, within Passaic County. The provided directions indicate access from Vreeland Ave to Park Ave. Its Park Ave positioning supports visibility for day-to-day customer traffic associated with neighborhood retail and dining.
From a tenant or buyer perspective, the configuration and branding potential of a storefront restaurant or retail space can fit a range of operators looking to establish or expand with a straightforward, street-oriented location. The offering may also appeal to investors seeking a retail-centric asset where leasing flexibility and consistent storefront demand are key considerations. For details on unit-specific layout, operating history, or permitted uses, buyers should confirm directly through the listing broker during due diligence.
The property is located on Park Ave in Paterson, within Passaic County. The provided directions indicate access from Vreeland Ave to Park Ave. Its Park Ave positioning supports visibility for day-to-day customer traffic associated with neighborhood retail and dining.
From a tenant or buyer perspective, the configuration and branding potential of a storefront restaurant or retail space can fit a range of operators looking to establish or expand with a straightforward, street-oriented location. The offering may also appeal to investors seeking a retail-centric asset where leasing flexibility and consistent storefront demand are key considerations. For details on unit-specific layout, operating history, or permitted uses, buyers should confirm directly through the listing broker during due diligence.
Key Highlights
- Multi‑unit storefront property on Park Ave in Paterson, NJ
- Suitable for restaurant or retail use
- Heating: natural gas
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
$55,054
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
7.16%
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%
$1,101,080
$1.1M
Cap Rate 7%
$786,486
$786.5K
Cap Rate 9%
$611,711
$611.7K
Market Conditions
NOI Build-Up for 3,600 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
$77.8K $21.60/SF
− Vacancy
−$4.4K −$1.21/SF
EGI
$73.4K $20.39/SF
− OpEx
−$18.4K −$5.10/SF
NOI
$55.1K $15.29/SF
Area
Paterson, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,101,080
Cap Rate 7%
$786,486
Cap Rate 9%
$611,711
Alternative Uses
Best Use
Specialty Retail
$786.5K
$688.2K – $917.6K
NOI $55,054 @ 7.0% cap · market cap 7.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$940.0K
$822.5K – $1.10M
NOI $65,802 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,241
Businesses Nearby
6k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 87%
Electronics 13%
PNC Bank
Shops & Services
5,131 visits/mo
0.1 miles
Metro by T-Mobile
Electronics
738 visits/mo
0.4 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - For-sale multi-unit storefront property suited for restaurant or retail use on Park Ave in Paterson, NJ.
Where is this conventional restaurant located?
The property is located at 515-517 Park Ave Paterson, NJ.
What is the asking price?
The asking price for this property is $769,000.
What are key features of this property?
This property features: Multi‑unit storefront property on Park Ave in Paterson, NJ; Suitable for restaurant or retail use; Heating: natural gas
