51 Mill StPaterson, NJ 07501

Property Details for 51 Mill St

Construction

FRAME

Lot size

0.04 AC

Property size (Sq ft)

3,369 SF

Zone code

GFHD

Property type

Commercial real estate

APN

08 04705-0000-00001

APU

804705000000001

Description

This exceptional eight-unit multifamily property, located at 51 Mill Street in the heart of Paterson, NJ, presents a compelling investment opportunity. The 3,369 square foot building sits on a 0.04-acre lot and boasts a strong rental income stream. The property comprises a diverse mix of units: one three-bedroom apartment, four one-bedroom apartments, and one studio apartment, all currently occupied by tenants in good standing with existing leases. Off-street parking is available for residents. The current gross annual income is $92,454, with separate utilities for each unit, resulting in an attractive 8.14% capitalization rate. This indicates a significant return on investment, well below market value. The building also features a substantial basement providing ample storage space. This property is ideal for investors seeking a stable, high-yield investment in a vibrant urban location. The strong tenant occupancy and above-average cap rate make this a truly exceptional value-add opportunity. The diverse unit mix caters to a wide range of renters, ensuring consistent occupancy and income generation. This is a turnkey investment ready for immediate income generation. Don't miss this chance to acquire a prime multifamily property in a rapidly developing area.

• Alternative Use

  Use

  Valuation

  Residential

  $637,547

  Hospitality

  $583,989

  Educational

  $485,872

  Medical

  $502,582

  Retail

  $755,801

Location Insight

City

Paterson

County

Passaic

State

New Jersey

Latitude

40.9143

Longitude

-74.1762

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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