Industrial Building with Corner
For Sale
Contact for pricing
90 2nd Avenue, Paterson, NJ 07514
Three-story industrial building on a corner parcel with frontage on 2nd Avenue and E 23rd Street.
Property Size15,000 SF
Lot Size0.16 Acres
Price / SF$180
Days on Market52
Property Features for 90 2nd Avenue
General Information
Standard status
Active
Size
15,000 SF
Lot size
0.16 Acres
Property subtype
Industrial
Zoning
I-2 (Heavy Industrial District)
Investment Type
Redevelopment
Additional Details
Highway Access
Yes
Building Details
Year Built
1920
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Horvath & Tremblay
(201) 215-1801
Listed By:
Michael Lombardi · License #0569706
Source:
Crexi
Added: Jul 9
Changed: Aug 24
Last Checked: Aug 25 at 5:10PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
The property is a three-story industrial building totaling 15,000 square feet, situated on a 0.16-acre corner parcel. The site includes 73 feet of frontage along 2nd Avenue and 94 feet of frontage along E 23rd Street. The property is zoned I-2 (Industrial).
The building is currently occupied by Urban Millwork and Lenin Auto Sound & Tint. Urban Millwork’s space will be delivered vacant, while Lenin Auto Sound & Tint has two years remaining on their lease. The property is located at the intersection of 2nd Avenue and E 23rd Street, with convenient access to Interstate 80, New Jersey Route 19, U.S. Route 46, and the Garden State Parkway for regional connectivity throughout Passaic County and the greater New York metropolitan area.
The surrounding area reflects a dense mix of residential neighborhoods, commercial businesses, industrial facilities, and institutional uses.
The building is currently occupied by Urban Millwork and Lenin Auto Sound & Tint. Urban Millwork’s space will be delivered vacant, while Lenin Auto Sound & Tint has two years remaining on their lease. The property is located at the intersection of 2nd Avenue and E 23rd Street, with convenient access to Interstate 80, New Jersey Route 19, U.S. Route 46, and the Garden State Parkway for regional connectivity throughout Passaic County and the greater New York metropolitan area.
The surrounding area reflects a dense mix of residential neighborhoods, commercial businesses, industrial facilities, and institutional uses.
Key Highlights
- Three‑story, 15,000 SF commercial building built in 1920
- Corner parcel totals 7,013 SF (0.16‑acre) with 73' frontage on 2nd Avenue and 94' frontage on E 23rd Street
- Zoned I‑2 (Industrial)
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
$170,554
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
6.32%
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%
$3,411,080
$3.4M
Cap Rate 7%
$2,436,486
$2.4M
Cap Rate 9%
$1,895,044
$1.9M
Market Conditions
NOI Build-Up for 15,000 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
$259.2K $17.28/SF
− Vacancy
−$15.6K −$1.04/SF
EGI
$243.6K $16.24/SF
− OpEx
−$73.1K −$4.87/SF
NOI
$170.6K $11.37/SF
Area
Paterson, NJ
Vacancy
6.00%
Lease Rate
$17.28 /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%
$3,411,080
Cap Rate 7%
$2,436,486
Cap Rate 9%
$1,895,044
Alternative Uses
Best Use
Industrial
$2.44M
$2.13M – $2.84M
NOI $170,554 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.92M
$3.43M – $4.57M
NOI $274,176 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
793
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 Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Manufacturing property - Three-story industrial building on a corner parcel with frontage on 2nd Avenue and E 23rd Street.
Where is this manufacturing property located?
The property is located at 90 2nd Avenue Paterson, NJ.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Three‑story, 15,000 SF commercial building built in 1920; Corner parcel totals 7,013 SF (0.16‑acre) with 73' frontage on 2nd Avenue and 94' frontage on E 23rd Street; Zoned I‑2 (Industrial)
