For Sale
$975,000

107 Highland StPaterson, NJ 07524

Paterson, NJ Multifamily Investment

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 2021-built, five-unit apartment building in Paterson, New Jersey, presents a compelling investment opportunity. Located on a three-acre lot at 107 Highland Street, this property boasts five spacious two-bedroom, one-bathroom units, each complemented by on-site parking. The building offers a strong 7.01% cap rate (7.08% pro-forma) with a current NOI of $68,307 ($69,028 pro-forma). The asking price is $975,000, translating to $195,000 per unit. Benefiting from a five-year tax abatement expiring in 2026, current taxes are based solely on land assessment. This turnkey investment is strategically positioned near the Bunker Hill industrial area, providing residents with convenient access to employment opportunities. The property's modern construction minimizes deferred maintenance needs, ensuring a smooth and profitable ownership experience. The building's strong location and attractive financial metrics make it an ideal addition to any investment portfolio. The total square footage is 3,169. This property is situated in Passaic County, NJ, zip code 07524.

Highlights

  • Prime Bunker Hill location.
  • Existing tax abatement in place.
  • Excellent condition; 2021 construction.
  • All units are two-bedroom, one-bathroom.
  • On-site parking available.
  • Turnkey investment opportunity.

Property Details for 107 Highland St

Property type
Apartment buildings
Square Feet
3,169 SF
Year Built
2021
Lot Size (sq. ft)
130,680 SF
Units
5

Location Insight

City
Paterson
County
Passaic
State
New Jersey
Latitude
40.9297711
Longitude
-74.1583078
107 Highland St, Paterson, New Jersey

FAQs

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107 Highland St
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