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    213 Franklin St Paterson, NJ 07524

    Sponsored
    For Sale
    $649,900

    3-Unit Building, Value-Add Opportunity

    Property size:
    3,398 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use property in Paterson, NJ, presents a compelling value-add investment opportunity. The 3,398 square foot building, situated on a lot ranging from 0.07 to 0.1 acres, features three units and is comprised of a two-story structure. Currently operating at 66% occupancy, the property offers significant potential for increased rental income through strategic renovations and upgrades. The residential units provide a solid foundation for enhancement, with opportunities to modernize finishes, optimize layouts, and add premium amenities to boost rental value. The ground-floor commercial space, ideal for retail, office, or dining establishments, allows for flexible reconfiguration and modernization to attract high-paying tenants. Located at 213 Franklin St, Paterson, NJ 07524, this property benefits from its prime location in a rapidly developing area with high visibility and foot traffic. The asking price is $649,900, with a projected 7.00% cap rate. This 1031 exchange eligible property is perfect for investors seeking to maximize returns in a thriving urban market. The property's strategic location, combined with its inherent potential for value enhancement, makes it an attractive investment for those seeking long-term growth and substantial returns. The property includes an apartment building and an auto shop.

    Property Features for 213 Franklin St

    General Information

    Property type
    Automotive properties
    Square Feet
    3,398 SF
    Lot Size
    3,049 SF

    Building Details

    Buildings
    1
    Stories
    2
    Units
    3

    HighLights

    • 3,398 SF mixed‑use building with value‑add potential.
    • Modern residential units offering upgrade opportunities.
    • Flexible commercial space ideal for improvements.
    • High‑visibility location with strong foot traffic.
    • Situated in a growing market with increasing demand.
    Property Profile Location Intelligence

    Current Use by Public Records

    R-LORENZO AUTO REPAIR ... Car Repair And Maintenance Service D&B Auto Repair Mechanic

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

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

    Location Insight

    • Map
    • Local Demand
    City
    Paterson
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.155587353702
    Latitude
    40.926110508787

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    FAQs

    What type of property is this?
    Automotive property - 3-Unit Building, Value-Add Opportunity
    Where is this automotive property located?
    The property is located at 213 Franklin St Paterson, NJ.
    What is the asking price?
    The asking price for this property is $649,900.
    What are key features of this property?
    This property features: 3,398 SF mixed-use building with value-add potential.; Modern residential units offering upgrade opportunities.; Flexible commercial space ideal for improvements.
    Request Owner's contact information
    213 Franklin St Paterson, NJ 07524
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    Paterson, NJ 07524
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    213 Franklin St Paterson, NJ 07524
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