Commercial Building with Mechanic
For Sale
$379,900
64 State St, Paterson, NJ 07501
Single-story commercial building with mechanic shop for sale.
Property Size1,820 SF
Lot Size0.06 Acres
Days on Market269
Property Features for 64 State St
General Information
Standard status
Active
Size
1,820 SF
Lot size
0.06 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,852
Building Details
Building Size
1,820 SF
Year Built
1930
Stories
1
Units
2
Listing Agency:
Century 21 A.G. Realty Group
(973) 928-3330
Listed By:
ALEXIS GUILLIANI
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 23 at 5:32AM
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 A.G. Realty Group
Investment Insights
Based on property information with market context.
This single-story commercial building offers 1,820 square feet of usable space and is currently configured as a mechanic shop, which is included in the sale. The property is suitable for automotive service or other commercial or light industrial uses. The sale includes hydraulic and hand lifts. Personal items and hand tools are not included. The property is located in a high-visibility area with accessibility to local neighborhoods, main roads, and major highways.
Key Highlights
- Mechanic shop business included, offering immediate income potential
- 1,820 sq. ft. of usable commercial space
- Hydraulic and hand lifts included
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
$25,977
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
6.84%
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%
$519,540
$519.5K
Cap Rate 7%
$371,100
$371.1K
Cap Rate 9%
$288,633
$288.6K
Market Conditions
NOI Build-Up for 1,820 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
$39.3K $21.60/SF
− Vacancy
−$2.2K −$1.21/SF
EGI
$37.1K $20.39/SF
− OpEx
−$11.1K −$6.12/SF
NOI
$26.0K $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 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%
$519,540
Cap Rate 7%
$371,100
Cap Rate 9%
$288,633
Alternative Uses
Best Use
Retail
$371.1K
$324.7K – $433.0K
NOI $25,977 @ 7.0% cap · market cap 6.84%
Second Best
Industrial
$295.6K
$258.7K – $344.9K
NOI $20,694 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$475.2K
$415.8K – $554.5K
NOI $33,267 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,864
Businesses Nearby
41k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 20%
Electronics 12%
Shell
Shops & Services
13,775 visits/mo
0.5 miles
Exxon
Shops & Services
10,493 visits/mo
0.1 miles
Dunkin' Donuts
Dining
8,115 visits/mo
0.5 miles
TD Bank
Shops & Services
3,654 visits/mo
0.1 miles
Metro by T-Mobile
Electronics
3,252 visits/mo
0.4 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
Questions? Ask Rey
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Similar Off Market Nearby
- L J Collision — 123 Newark Ave, Paterson, NJ 07503
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- Del Monico Auto Body — 207 Paxton St, Paterson, NJ 07503
- DU-TE Towing — 866 Main St, Paterson, NJ 07503
- iCustomize — 8 Elk St, Paterson, NJ 07501
Frequently Asked Questions
What type of property is this?
Auto shop - Single-story commercial building with mechanic shop for sale.
Where is this auto shop located?
The property is located at 64 State St Paterson, NJ.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: Mechanic shop business included, offering immediate income potential; 1,820 sq. ft. of usable commercial space; Hydraulic and hand lifts included
