Gas Station With Three-Bay
For Sale
$1,199,000
93 Union #01, Paterson, NJ 07502
Fueling operations are paired with a heated automotive service area and dedicated reception and management spaces.
Property Size5,100 SF
Days on Market629
Property Features for 93 Union #01
General Information
Standard status
Active
Size
5,100 SF
Total Parking Spaces
8
Property subtype
Commercial
Zoning
business
Additional Details
Business Included
Yes
Service Bays
3
Building Details
Building Size
5,100 SF
Year Built
1950
Stories
1
Units
1
Listing Agency:
Wayne Hills Realty
(973) 907-0227
Listed By:
Joseph Mastropole · License #274283
(973) 907-0227
Source:
Betterhomerealestate
Added: Dec 8, 2024
Changed: Aug 28
Last Checked: Aug 28 at 9:02PM
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 Wayne Hills Realty
Investment Insights
Based on property information with market context.
This gas station property includes recently installed Wayne pumps equipped with EMV and Ruby2 systems. Fuel storage consists of two 8,000-gallon tanks, with one divided into 6,000-gallon and 2,000-gallon compartments; the 2,000-gallon compartment is used for diesel. The station has a separate entrance.
The workshop provides three service bays, two four-post Rotary lifts—including one alignment lift—and one two-post lift. A John Bean alignment machine, tire machines, and other sale-included equipment support automotive service operations. The workshop is heated by a waste oil heater and has four above-ground tanks for waste oil and new engine oil. Separate reception and manager’s office areas complete the service layout. The property was built in 1950 and is zoned business.
The workshop provides three service bays, two four-post Rotary lifts—including one alignment lift—and one two-post lift. A John Bean alignment machine, tire machines, and other sale-included equipment support automotive service operations. The workshop is heated by a waste oil heater and has four above-ground tanks for waste oil and new engine oil. Separate reception and manager’s office areas complete the service layout. The property was built in 1950 and is zoned business.
Key Highlights
- Recently installed Wayne pumps with EMV and Ruby2 systems
- Two 8,000‑gallon fuel tanks, including a 6,000‑gallon diesel compartment
- Three‑bay workshop with two four‑post Rotary lifts and one two‑post lift
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
$77,993
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
6.50%
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%
$1,559,860
$1.6M
Cap Rate 7%
$1,114,186
$1.1M
Cap Rate 9%
$866,589
$866.6K
Market Conditions
NOI Build-Up for 5,100 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
$110.2K $21.60/SF
− Vacancy
−$6.2K −$1.21/SF
EGI
$104.0K $20.39/SF
− OpEx
−$26.0K −$5.10/SF
NOI
$78.0K $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%
$1,559,860
Cap Rate 7%
$1,114,186
Cap Rate 9%
$866,589
Alternative Uses
Best Use
Specialty Retail
$1.11M
$974.9K – $1.30M
NOI $77,993 @ 7.0% cap · market cap 6.50%
Second Best
Retail
$1.04M
$909.9K – $1.21M
NOI $72,794 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$1.33M
$1.17M – $1.55M
NOI $93,220 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Service bays
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
838
Businesses Nearby
31k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Dining 44%
QuickChek
Shops & Services
17,309 visits/mo
0.4 miles
Dunkin' Donuts
Dining
12,218 visits/mo
0.2 miles
Playa Bowls
Dining
1,487 visits/mo
0.4 miles
Demographics for 07502, NJ
16,592
Population
4,861
Households
3.4
Avg Household Size
35
Median Age
17%
College-Educated
78%
High-School Grad
0.9 sq mi
ZIP Area
18,436
Density / Sq Mi
$68,649
Median Household Income
$32,407
Median Earnings
$1,492
Median Rent
$347,200
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?
Gas station - Fueling operations are paired with a heated automotive service area and dedicated reception and management spaces.
Where is this gas station located?
The property is located at 93 Union #01 Paterson, NJ.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Recently installed Wayne pumps with EMV and Ruby2 systems; Two 8,000‑gallon fuel tanks, including a 6,000‑gallon diesel compartment; Three‑bay workshop with two four‑post Rotary lifts and one two‑post lift
