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Multifamily

Paterson Workforce Portfolio

2 Chadwick St, Paterson, NJ 07503

Listing Price: $6,100,000

Cap Rate
5.65%
Number of Units
34
Occupancy
100.0%
Price/Unit
$179,412
Price/Gross SF
$244.00
Gross SF
25,000

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale a workforce housing portfolio in Paterson, NJ. Located at 2-8 Chadwick, 11-13 Washington and 496-500 E 23rd Streets, the properties consist of 4 one-bedroom, 22 two-bedroom, and 7 three-bedroom apartments. The property has a strong cash flow with upside as rents are below average in a rising rental market. Potential investors can further increase cash flow through modest renovations to apartments upon vacancy and increasing rents to reflect current market. Current Paterson rent control laws allow for 5% annual increases. Each building is located in desirable areas. Chadwick and Washington Streets are blocks from St. Joseph University Medical Center, which is the city’s largest employer. New construction rent comps almost 25% higher than existing renovated units offering prospective investors to benefit from offering tenants a more affordable option in the area. Tenants have easy access to Routes 18, 80, 21, allowing them to quickly arrive at the nearest and best commercial and entertainment venues in the state and access to NYC in less than 25 minutes. Paterson has a walk score of 84 out of 100 which makes this location ideal for walkers

Investment Highlights

  • Value Add Opportunity - 23% Potential Upside in Rents
  • Desirable Location - 2/3 Buildings Are Within St. Josephs Hospital Zone Redevelopment Area.
  • Landlord Friendly Rent Control Laws

Exclusively Listed By

Financing By

Multifamily

Paterson Workforce Portfolio

Listing Price: $6,100,000

Cap Rate
5.65%
Number of Units
34
Occupancy
100.0%
Price/Unit
$179,412
Price/Gross SF
$244.00
Gross SF
25,000

Investment Highlights

  • Value Add Opportunity - 23% Potential Upside in Rents
  • Desirable Location - 2/3 Buildings Are Within St. Josephs Hospital Zone Redevelopment Area.
  • Landlord Friendly Rent Control Laws

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale a workforce housing portfolio in Paterson, NJ. Located at 2-8 Chadwick, 11-13 Washington and 496-500 E 23rd Streets, the properties consist of 4 one-bedroom, 22 two-bedroom, and 7 three-bedroom apartments. The property has a strong cash flow with upside as rents are below average in a rising rental market. Potential investors can further increase cash flow through modest renovations to apartments upon vacancy and increasing rents to reflect current market. Current Paterson rent control laws allow for 5% annual increases. Each building is located in desirable areas. Chadwick and Washington Streets are blocks from St. Joseph University Medical Center, which is the city’s largest employer. New construction rent comps almost 25% higher than existing renovated units offering prospective investors to benefit from offering tenants a more affordable option in the area. Tenants have easy access to Routes 18, 80, 21, allowing them to quickly arrive at the nearest and best commercial and entertainment venues in the state and access to NYC in less than 25 minutes. Paterson has a walk score of 84 out of 100 which makes this location ideal for walkers

Exclusively Listed By

Financing By

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