171-181 Market St - Apartments FOR SALE


Paterson, NJ 07505- Downtown Paterson
$5,500,000 USD
201-704-8831
171-181 Market St, Paterson, NJ for Sale
$5,500,000 USD
Apartments - FOR SALE
1/43
null | 4.8% Cap Rate

171-181 Market St
Paterson, NJ 07505
Downtown Paterson


HIGHLIGHTS

  • Prime downtown Paterson retail corridor with excellent visibility
  • Approved plans for 48-unit apartment conversion—major redevelopment potential
  • Diverse tenant mix: restaurant, telecom, retail, beauty, dental, daycare, tattoo

OVERVIEW

Located in the heart of Paterson’s busiest retail corridor, this highly visible mixed-use property offers exceptional investment potential. A tax appeal is currently underway with an anticipated $33K annual reduction. The site includes approved plans for a 48-unit apartment conversion, presenting a rare opportunity for large-scale redevelopment. The property features a diverse tenant mix — restaurant, telecom, retail, beauty, dental, daycare, and tattoo — providing stable income and long-term upside through lease-up, modernization, and repositioning.

FOR SALE DETAILS

PRICE

$5,500,000 USD

PRICE/SF

$46 USD /SF

# OF UNITS

160

PRICE/UNIT

$34,375

CAP RATE

4.8%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Smith Building

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1904

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.33 AC

LAND SF

14,375 SF

ZONING

B-4

APN/PARCEL ID

08-04406-0000-00007

ASK ABOUT THIS PROPERTY

Michelle HanProminent Properties Sotheby's International RealtyMore Info
201-704-8831

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Michelle HanProminent Properties Sotheby's International RealtyMore Info
201-704-8831

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.