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The Smith Building 171-181 Market St 160 Unit Apartment Building $7,518,775 CAD ($46,992 CAD/Unit) 4.80% Cap Rate Paterson, NJ 07505
Investment Highlights
- Prime downtown Paterson retail corridor with excellent visibility
- Diverse tenant mix: restaurant, telecom, retail, beauty, dental, daycare, tattoo
- Approved plans for 48-unit apartment conversion—major redevelopment potential
Executive Summary
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.
Property Facts
| Price | $7,518,775 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $46,992 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 4.80% | Building Size | 119,736 SF |
| No. Units | 160 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1904 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | B-4 | ||
| Price | $7,518,775 CAD |
| Price Per Unit | $46,992 CAD |
| Sale Type | Investment |
| Cap Rate | 4.80% |
| No. Units | 160 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.33 AC |
| Building Size | 119,736 SF |
| No. Stories | 4 |
| Year Built | 1904 |
| Opportunity Zone |
Yes |
| Zoning | B-4 |
Amenities
Unit Amenities
- Heating
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 160 | - | - |
1 1
Walk Score®
Walker's Paradise (98)
Property Taxes
| Parcel Number | 08-04406-0000-00007 | Improvements Assessment | $3,171,266 CAD |
| Land Assessment | $947,064 CAD | Total Assessment | $4,118,330 CAD |
Property Taxes
Parcel Number
08-04406-0000-00007
Land Assessment
$947,064 CAD
Improvements Assessment
$3,171,266 CAD
Total Assessment
$4,118,330 CAD
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The Smith Building | 171-181 Market St
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