452 Summer St Paterson, NJ 07501
C. R‐3 High Medium Density Residential District: The R‐3 High Medium Density Residential District is designed to permit more intensive residential use of land than permitted in the R‐1 and R‐2 Districts, with various types of dwellings being permitted, including townhouses, garden apartment developments and low rise apartment buildings. Population is maintai…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
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Property description
Physical attributes from public recordsZoning & alternative use
R-3 · Paterson, NJC. R‐3 High Medium Density Residential District: The R‐3 High Medium Density Residential District is designed to permit more intensive residential use of land than permitted in the R‐1 and R‐2 Districts, with various types of dwellings being permitted, including townhouses, garden apartment developments and low rise apartment buildings. Population is maintained in the medium range, while building height is kept low enough to be generally compatible with one‐ and two‐family residential development (i.e., high‐rise apartment building are strictly prohibited). Certain low‐intensity, nonresidential uses that are not permitted in the lower density residential districts, but that are appropriately located in higher density residential area (e.g., funeral homes, long term care facilities, and small scale professional offices) are permitted in the R‐3 District. In addition, neighborhood retail and personal service uses that are located on corner lots along major roads are permitted in order to serve the needs of the surrounding neighborhoods. However, all other business, industrial and other non‐residential uses are strictly prohibited from this district. No new construction of such prohibited land uses, nor conversion of existing buildings into such prohibited land uses, is permitted to occur with the R‐ 3 District. In‐fill development consisting of the permitted residential and non‐residential uses and that preserve the character, density and scale of the existing neighborhood is encouraged. D. R‐4 High Density Residential District: The R‐4 High Density Residential District is designed to permit high‐rise apartment buildings as well as the residential uses permitted in the R‐3 District. Various types and sizes of residential accommodations, for ownership or rental, would thereby be provided to meet the needs of the different age and family groups in the City. This district should be located near major thoroughfares for good accessibility. Like the R‐3 District, certain low‐intensity, non‐residential uses that are not permitted in the lower density residential districts, but that are appropriately located in higher density residential area (e.g., funeral homes, long‐term care facilities, and small‐scale professional offices) are permitted in the R‐4 District. However, all other business, industrial and other non‐residential uses are strictly prohibited. No new construction of such prohibited land uses, nor conversion of existing buildings into such prohibited land uses, is permitted to occur with the R‐4 District.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.