Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    215 1st St, Unit 221 Paterson, NJ 07522-1805

    • Industrial properties
    • 5,102 SF
    • 0.20 lot acres
    OFF-MARKET
    Value Estimations
    $575,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-1879262
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Industrial properties

    Property Details for 215 1st St

    Year built
    1928
    Construction
    CONCRETE BLOCKS
    Lot size
    0.20 lot acres
    Property size
    5,102 SF
    Zone code
    R-3
    Property type
    Industrial properties
    APN
    08 00117-0000-00002
    APU
    800117000000002

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $695,000
      Market price range: $503k - $1.58M
      AI Estimate
      $384,000
      Market price range: $193k - $847k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $940,000
      Current use
      OFFICE BUILDING
      $940,000
      Change: +0% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $810,000
      Change: -14% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Paterson
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.1665
    Latitude
    40.9304
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $11,772
    $124,800
    $128,800
    $253,600
    -
    $124,800
    $128,800
    $253,600

    Comparable in this City

    • Value Estimation
      $6,105,000
      73,550 SF

      6 Piercy St, Unit 34

      INDUSTRIAL (GENERAL) • 73,550 SF
      6 Piercy St, Paterson, NJ 07522-1726
      View Details
    • Value Estimation
      $635,000
      6,846 SF

      131 10th St, Unit 139

      INDUSTRIAL (GENERAL) • 6,846 SF
      131 10th St, Paterson, NJ 07522-1220
      View Details
    • Value Estimation by Request
      2,404 SF

      149-153 Broadway, Unit 153

      INDUSTRIAL (GENERAL) • 2,404 SF
      149-153 Broadway, Paterson, NJ 07522-2075
      View Details
    • Value Estimation
      $560,000
      4,270 SF

      202-204 Broadway, Unit 204

      INDUSTRIAL (GENERAL) • 4,270 SF
      202-204 Broadway, Paterson, NJ 07522-1579
      View Details
    • Value Estimation
      $3,945,000
      47,423 SF

      44-48 Ryle Ave, Unit 48

      INDUSTRIAL (GENERAL) • 47,423 SF
      44-48 Ryle Ave, Paterson, NJ 07522-1510
      View Details
    • Value Estimation by Request
      690 SF

      541 Totowa Ave

      INDUSTRIAL (GENERAL) • 690 SF
      541 Totowa Ave, Paterson, NJ 07522
      View Details

    Similar Nearby for Sale

    • $450,000

      Well-Maintained Two-Unit Home

      Two-unit home with rental income potential and two-car garage.
      90-92 N 3Rd St, Paterson, NJ 07522
      View Details
    • $699,999

      Well-Maintained Multifamily House For Sale

      Multifamily house with 3-bed, 1-bath units, finished attic.
      186 Carbon St, Paterson, NJ 07522
      View Details
    • $700,000

      Well-Maintained Two-Family Home

      Two-family home with spacious apartments and investment potential.
      8-10 3Rd St, Paterson, NJ 07522
      View Details
    • $579,000

      Mixed-Use Property in Paterson

      Mixed-use property featuring a restaurant and a 2-bedroom apartment.
      465 Union Ave, Paterson, NJ 07522
      View Details
    • $739,900
      0.08 Acres

      Multi-Family Home in Paterson City

      Two-unit home with hardwood floors and a two-car garage.
      Paterson City, Paterson, NJ 07522
      View Details
    • $585,000
      Pending

      Turnkey 3-Unit Property with Garage

      Well-maintained 3-unit property with a 2-car garage in Paterson.
      105 E Main St, Paterson, NJ 07522
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,500 SF

      Corner Office Space Available

      2500 square foot office space at Ellison Street corner.
      202-204 Main St, Paterson, NJ 07522
      View Details
    • $15,000 /Mo
      4,792 SF

      Auto and Mechanic Shop Rental

      Auto and mechanic shop for rent in Paterson City, NJ.
      486 Totowa Ave, Paterson, NJ 07522
      View Details
    • $4,500 /Mo
      1,742 SF

      Commercial Space in Paterson City

      Open commercial space suitable for office or storefront use.
      119 W Broadway, Paterson, NJ 07522
      View Details
    • $2,400 /Mo

      Spacious Paterson Apartment with Backyard

      First-floor 3-bedroom apartment with shared backyard and convenient location.
      20 N 7Th St, Paterson, NJ 07522
      View Details
    • $2,000 /Mo

      Renovated 3-Bedroom Apartment For Rent

      Recently renovated 3-bedroom apartment available for rent in Paterson, NJ.
      19 White St, Paterson, NJ 07522
      View Details
    • $7,000 /Mo
      1,316 SF

      Remodeled Auto Repair Garage

      Remodeled auto repair garage in high-traffic area, suitable for various vehicles.
      480 Union Ave, Paterson, NJ 07522
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    215 1st St, Unit 221
    Paterson, NJ 07522-1805
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.