597-599 River StPaterson, NJ 07524

Property Details for 597-599 River St

Construction

BRICK

Lot size

0.04 AC

Property size (Sq ft)

5,167 SF

Zone code

MU

Property type

Commercial real estate

APN

08 02004-0000-00017

APU

802004000000017

Description

This exceptional all-brick, mixed-use property in Paterson, NJ, presents a compelling investment opportunity. Located on a bustling commercial street within a rapidly developing area, this building offers a balanced income stream from both residential and commercial tenants. The property features two spacious, updated three-bedroom apartments, each currently generating $2,000 in monthly rent, and two versatile commercial units. One commercial unit, a grocery store, also brings in $2,000 per month, while the other generates $900 monthly. The apartments are in excellent condition, ensuring high tenant desirability. The commercial units offer significant potential for growth, capitalizing on the neighborhood's upward trajectory and numerous new construction projects. Low property taxes further enhance the profitability of this investment. Situated at 597-599 River St, Paterson, NJ 07524, this property offers a rare combination of stability, growth potential, and strong cash flow, making it an ideal addition to any investment portfolio. The asking price is $949,900.

• CAP approach

  CAP return

  Valuation

  6%

  $968,161

  6.5%

  $893,687

  7%

  $829,852

• Comparable approach

  Method

  Valuation

  Relative Method

  $675,120

  Geo Method

  $675,120

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,759,460

  Retail / Commercial

  $902,244

  Mixed-Use / Specialty

  $899,028

  Hospitality / Lodging

  $659,588

  Office

  $893,687

  Institutional / Educational

  $934,627

  Residential Income

  $1,093,510

  Multifamily

  $1,311,500

  Automotive / Energy

  $801,108

  Parking / Income-Based Land

  $276,453

  Restaurant / Food Service

  $467,591

  Healthcare / Senior Housing

  $921,936

Location Insight

City

Paterson

County

Passaic

State

New Jersey

Latitude

40.9341

Longitude

-74.1561

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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