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Multifamily

309 Park Avenue

309 Park Ave, Paterson, NJ 07504

Listing Price: $2,000,000

Cap Rate
6.06%
Number of Units
17
GRM
8.97
Occupancy
95.0%
Price/Unit
$117,647
Price/Gross SF
$202.02
Gross SF
9,900

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 309 Park Avenue in Paterson, New Jersey. The building consists 14 Apartment units over 3 Commercial Units.


The subject property is located one block walk to Broadway, where tenants can access public transportation that can provide access to NYC in 20 minutes. Tenants can also ride an express line into midtown Manhattan in 45 minutes. Additionally, the property has easy access to the Garden State Parkway, I-80 Route 46, Route 3, placing it 15 miles from Manhattan and convenient access to Newark, JFK, and La Guardia Airports, as well the American Dream Mall.



Recently, Paterson has seen an influx of development and one of the largest increases in rent/unit in New Jersey. The development has brought over 1000 units to the market. Additionally, Paterson is home to many large employers including Sealed Air Corporation, M&T Bank, United Retail Group, Saint Joseph Hospital, William Paterson University. The American Dream Mall has enough employees from Paterson that NJ Transit recently increased service to the Meadowlands.

Investment Highlights

  • 36% Upside in Rents
  • 17 Units
  • 6.06% Cap Rate
  • $121,159 NOI
  • 8.66% Cash-on-Cash Return

Exclusively Listed By

Financing By

Listing Price: $2,000,000

Cap Rate
6.06%
Number of Units
17
GRM
8.97
Occupancy
95.0%
Price/Unit
$117,647
Price/Gross SF
$202.02
Gross SF
9,900

Investment Highlights

  • 36% Upside in Rents
  • 17 Units
  • 6.06% Cap Rate
  • $121,159 NOI
  • 8.66% Cash-on-Cash Return

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 309 Park Avenue in Paterson, New Jersey. The building consists 14 Apartment units over 3 Commercial Units.


The subject property is located one block walk to Broadway, where tenants can access public transportation that can provide access to NYC in 20 minutes. Tenants can also ride an express line into midtown Manhattan in 45 minutes. Additionally, the property has easy access to the Garden State Parkway, I-80 Route 46, Route 3, placing it 15 miles from Manhattan and convenient access to Newark, JFK, and La Guardia Airports, as well the American Dream Mall.



Recently, Paterson has seen an influx of development and one of the largest increases in rent/unit in New Jersey. The development has brought over 1000 units to the market. Additionally, Paterson is home to many large employers including Sealed Air Corporation, M&T Bank, United Retail Group, Saint Joseph Hospital, William Paterson University. The American Dream Mall has enough employees from Paterson that NJ Transit recently increased service to the Meadowlands.

Exclusively Listed By

Financing By

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