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    Mixed-Use Retail and Apartments Title is generated by Realmo AI

    615 E 22Nd St, Paterson, NJ 07514

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    New
    For Sale
    $879,999

    Multi-Family, 2-Two Story - Paterson City, NJ

    Property size:
    2,772 SF
    Price / SF:
    $317/SF
    Added:
    Jun 2, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 5 at 10:06 am

    Property Features for 615 E 22Nd St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-2
    Bedrooms
    6
    Bathrooms
    5
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Kitchen, Living Room, Master Bedroom, Utility Room
    Basement Y/N
    1
    Appliances
    Microwave, Oven - Gas, Range
    Standard status
    Active
    Size
    2,772 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    18320

    Utilities

    Heating system
    Baseboard, Electric (Heating), Hot Water (Heating)
    Cooling system
    None (Cooling)

    Building Details

    Number of units
    4
    Building materials
    Aluminum Siding
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    DAVID EDWIN ARTEAGA

    Listing agent DAVID EDWIN ARTEAGA

    Listing office KELLER WILLIAMS PROSPERITY REALTY 1700 RT. 23 NORTH, Wayne, NJ

    Listing date Jun 2, 2026

    MLS# 4031590 Listing URL

    Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 4‑unit mixed‑use building with two residential apartments and two ground‑level storefronts
    • Residential unit 1: 4 bedrooms and 1.5 bathrooms
    • Residential unit 2: 2 bedrooms and 1 bathroom
    • Flat roof; aluminum siding exterior construction
    • Basement included, plus a utility room
    • Heating includes baseboard, electric (heating), and hot water (heating); cooling: none

    Overview

    This fully updated four-unit mixed-use property combines two residential apartments with two ground-level storefronts under one ownership. The building includes a first-floor apartment with four bedrooms and 1.5 bathrooms, along with a second apartment offering two bedrooms and one bathroom. The second unit is described as having impressive ceiling height that contributes to an open feel. Both residential units are presented as move-in ready with stylish finishes and thoughtful updates. The two storefront spaces are located at ground level and are described as having flexible layouts, suitable for a range of retail or service uses.

    Located at 615 E 22Nd St in Paterson City, Passaic County, the property is positioned for everyday convenience. The public remarks note proximity to schools, shopping, major highways, and public transportation, which can support tenant accessibility and customer flow for the storefront components.

    For buyers, this is a straightforward mixed-use setup that can appeal to owner-occupants who want residential income alongside commercial space, as well as investors seeking multiple revenue streams within one building. The presence of two separate storefronts and two distinct apartment configurations provides flexibility in how the property is occupied and operated.
    Property Profile Location Intelligence

    Current Use by Public Records

    Home Made Pastry Cafe & Coffee Shop

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Iris Florist — 21 Park Ave, Paterson, NJ 07501
    • Produce & Floristeria Dionis — Paterson, NJ 07501

    Location Insight

    • Map
    • Local Demand
    City
    Paterson
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.15208
    Latitude
    40.91957

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    FAQs

    What type of property is this?
    Storefront property - Four-unit mixed-use building with two ground-level storefronts and two residential apartments, updated and ready for occupancy.
    Where is this storefront property located?
    The property is located at 615 E 22Nd St Paterson, NJ.
    What is the asking price?
    The asking price for this property is $879,999.
    What are key features of this property?
    This property features: 4‑unit mixed‑use building with two residential apartments and two ground‑level storefronts; Residential unit 1: 4 bedrooms and 1.5 bathrooms; Residential unit 2: 2 bedrooms and 1 bathroom
    (973) 696-0077
    We can help!
    Listing Contact
    DAVID EDWIN ARTEAGA
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    615 E 22Nd St, Paterson City, NJ 07514-2842
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