Renovated Mixed-Use Building For
For Sale
$525,000
541 Union Ave, Paterson, NJ 07522
Mixed-use building with bar, karaoke, sports, and residential units.
Property Size1,927 SF
Price / SF$272.44
Days on Market228
Property Features for 541 Union Ave
General Information
Standard status
Active
Size
1,927 SF
Building Details
Year Built
1950
Listing Agency:
CENTURY 21 JR GOLD TEAM REALTY
Listed By:
JOHNNY ROJAS · License #0017014
(973) 772-9404
Source:
Luminancerealty
Added: Mar 5
Changed: Oct 5
Last Checked: Oct 5 at 10:12PM
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 CENTURY 21 JR GOLD TEAM REALTY
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Investment Insights
Based on property information with market context.
This mixed-use building, totally renovated in 2023, presents an excellent opportunity near the center of Paterson. The first floor features EL CUBETAZO BAR KARAOKE SPORTS, offered for sale without a liquor license. It includes brand new refrigeration equipment, featuring two glass door back bar coolers, one bottle cooler, and one ice machine. The bar area is equipped with a three-compartment sink, an additional sink, two ice bins with seven circuit boards, one glass rack, and one glasswasher machine. There are also two soda gun systems connected to the ice bin and an additional standing freezer located in the apartment. Granite countertops, brand new furniture including bar stools, tables, regular chairs, tables, and leather couches enhance the space. The bar also features crown molding, LED lighting, recessed ceiling lighting, two JBL speakers, ten in-ceiling speakers, and a SONOS system. Thirteen Samsung Smart TVs are installed, supported by fully wired Ethernet cabling and HDMI wiring with a switch and splitter. An EPSON projector with a 120' electric screen is also included, along with a digital LED display for the front window and hardwood floors. The second floor contains a 2-bedroom apartment with a combination living room and kitchen, a full bath, and central air. The property also includes a full unfinished basement with a 1/2 bath.
Key Highlights
- Fully renovated in 2023, offering a modern and updated space.
- Mixed‑use building provides versatile options for business and residential use.
- First floor bar/karaoke/sports venue with new refrigeration equipment and furniture.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,469
Cap Rate
5.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$589,380
$589.4K
Cap Rate 7%
$420,986
$421.0K
Cap Rate 9%
$327,433
$327.4K
Market Conditions
NOI Build-Up for 1,927 SF
Gross rent
$41.6K $21.60/SF
− Vacancy
−$2.3K −$1.21/SF
EGI
$39.3K $20.39/SF
− OpEx
−$9.8K −$5.10/SF
NOI
$29.5K $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 Rate 5%
$589,380
Cap Rate 7%
$420,986
Cap Rate 9%
$327,433
Alternative Uses
Best Use
Specialty Retail
$421.0K
$368.4K – $491.2K
NOI $29,469 @ 7.0% cap · market cap 5.61%
Second Best
Mixed Use
$363.4K
$318.0K – $423.9K
NOI $25,436 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$503.2K
$440.3K – $587.0K
NOI $35,222 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,353
Businesses Nearby
84k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 37%
Home Improvements & Furnishings 8%
Electronics 2%
Dollar Tree
Shops & Services
17,775 visits/mo
0.5 miles
Family Dollar
Shops & Services
12,242 visits/mo
0.4 miles
Dunkin' Donuts
Dining
10,207 visits/mo
0.4 miles
Checkers
Dining
8,796 visits/mo
0.0 miles
Burger King
Dining
7,341 visits/mo
0.4 miles
Demographics for 07522, NJ
23,345
Population
7,440
Households
3.1
Avg Household Size
31
Median Age
10%
College-Educated
77%
High-School Grad
0.9 sq mi
ZIP Area
25,939
Density / Sq Mi
$48,002
Median Household Income
$31,997
Median Earnings
$1,458
Median Rent
$264,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with bar, karaoke, sports, and residential units.
Where is this mixed-use property located?
The property is located at 541 Union Ave Paterson, NJ.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Fully renovated in 2023, offering a modern and updated space.; Mixed‑use building provides versatile options for business and residential use.; First floor bar/karaoke/sports venue with new refrigeration equipment and furniture.
