Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    586 31st St, Unit 588 Paterson, NJ 07513-1107
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    586 31st St, Unit 588 Paterson, NJ 07513-1107

    View on Map
    • Industrial properties
    • 2,769 SF
    • 0.11 lot acres
    Off-Market
    Property ID
    US59-2158096
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Industrial properties

    Property Details for 586 31st St

    Lot size
    0.11 lot acres
    Property size
    2,769 SF
    Zone code
    B-4
    Property type
    Industrial properties
    APN
    08 08803-0000-00007
    APU
    808803000000007

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Paterson
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.1466
    Latitude
    40.9058
    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
    2023
    $9,522
    $90,000
    $104,200
    $194,200
    -
    $90,000
    $104,200
    $194,200

    Comparable in this City

    • Value Estimation
      $30,945,000
      397,460 SF

      684 21st Ave, Unit 740

      INDUSTRIAL (GENERAL) • 397,460 SF
      684 21st Ave, Paterson, NJ 07513-1145
      View Details
    • Value Estimation
      $7,890,000
      99,183 SF

      553 31st St, Unit 587

      INDUSTRIAL (GENERAL) • 99,183 SF
      553 31st St, Paterson, NJ 07513-1106
      View Details
    • Value Estimation by Request
      0.23 Acres

      310 22nd Ave, Unit 316

      INDUSTRIAL (GENERAL) • 0.23 Acres
      310 22nd Ave, Paterson, NJ 07513-1141
      View Details
    • Value Estimation
      $1,015,000
      9,352 SF

      565-579 41st St

      INDUSTRIAL (GENERAL) • 9,352 SF
      565-579 41st St, Paterson, NJ 07513
      View Details
    • Value Estimation
      $715,000
      7,060 SF

      546 42nd St, Unit 556

      INDUSTRIAL (GENERAL) • 7,060 SF
      546 42nd St, Paterson, NJ 07513-1006
      View Details
    • Value Estimation
      $1,775,000
      14,553 SF

      634 Market St, Unit 638

      INDUSTRIAL (GENERAL) • 14,553 SF
      634 Market St, Paterson, NJ 07513-1402
      View Details

    Similar Nearby for Sale

    • $399,000
      1,628 SF

      Paterson Mixed-Use Commercial Opportunity

      Versatile commercial property with income potential in high-traffic location.
      202 22Nd Ave, Paterson, NJ 07513
      View Details
    • $799,900
      Pending

      Renovated Multi-Family Home in Paterson

      Renovated multi-family home with income potential near major highways.
      1022 E 22Nd St, Paterson, NJ 07513
      View Details
    • $600,000

      Paterson Two-Family Home For Sale

      Two-family home with cash-flow potential in Paterson, New Jersey.
      115-119 21St St, Paterson, NJ 07513
      View Details
    • $699,000

      Lakeview Paterson Two-Family Home

      Solid brick two-family home with income potential in Lakeview, Paterson.
      8 Kipp Pl, Paterson, NJ 07513
      View Details
    • New
      $699,000
      Pending

      Paterson City Multi-Family Property

      Multi-family property for sale in Paterson City, New Jersey.
      8 Kipp Pl, Paterson, NJ 07513
      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.
    586 31st St, Unit 588
    Paterson, NJ 07513-1107
    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.
    Sign Up Successful!
    You now have access to more from Realmo!