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CORNER OF PUTNAM ST AND RIVER ST 386-390 River St 7,942 SF 100% Leased Retail Building Paterson, NJ 07524 $1,869,156 CAD ($235.35 CAD/SF) 10.14% Cap Rate
Investment Highlights
- Newer 2nd floor apartments
- Dedicated parking lot for Res. tenants
- Very well maintained with low upkeep
- Fully rented with upside potential
Executive Summary
Approx, PRICE ADJ. by $100,000. Approx. $140K annual income, 8 units mix-use property consisting of 4 newer 2 bedrooms 2nd floor residential units in great condition, built approx. 1995 with modern/open layouts, LR, Kitchens, 2 spacious bedrooms and bath, all separate utilities and gas baseboard heat (RENTS are under Mkt Value, the ground floor consists of 4 shops (Unit#1 currently for rent at $2,000 a month consisting of approx 2000SQF formerly used as an upholstery shop with overhead 12' door), Unit#2: a Karate/Gym with office and 2nd floor room with restrooms rented at $1650, Unit#3: Tire-Shop currently $1,280, and Unit#4 Auto Repair $1680. Property is very well maintained and in good condition consisting of 2 lots (384-386 River St - Parking for tenants, and 386-390 River St ).This building is very well-maintained, in a convenient location of Paterson, close to shopping, NYC transp.and major highways.
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$190,405
|
$23.97
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$190,405
|
$23.97
|
| Taxes |
$38,768
|
$4.88
|
| Operating Expenses |
$11,076
|
$1.39
|
| Total Expenses |
$49,844
|
$6.28
|
| Net Operating Income |
$140,561
|
$17.70
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $190,405 |
| Annual Per SF | $23.97 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $190,405 |
| Annual Per SF | $23.97 |
| Taxes (CAD) | |
|---|---|
| Annual | $38,768 |
| Annual Per SF | $4.88 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $11,076 |
| Annual Per SF | $1.39 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $49,844 |
| Annual Per SF | $6.28 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $140,561 |
| Annual Per SF | $17.70 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
7,942 SF
Building Class
C
Year Built
1990
Price
$1,869,156 CAD
Price Per SF
$235.35 CAD
Cap Rate
10.14%
NOI
$189,574 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Slab To Slab
12’
Building FAR
0.73
Lot Size
0.25 AC
Zoning
MU - Mixed-Use
Parking
6 Spaces (0.76 Spaces per 1,000 SF Leased)
Frontage
40’ on RIVER ST
Very walkable
80/100
Moderately drivable
60/100
Some public transit
40/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 08-02902-0000-00002 | Total Assessment | $1,789,682 CAD |
| Land Assessment | $124,610 CAD | Annual Taxes | $38,768 CAD ($4.88 CAD/SF) |
| Improvements Assessment | $1,665,072 CAD | Tax Year | 2026 |
Property Taxes
Parcel Number
08-02902-0000-00002
Land Assessment
$124,610 CAD
Improvements Assessment
$1,665,072 CAD
Total Assessment
$1,789,682 CAD
Annual Taxes
$38,768 CAD ($4.88 CAD/SF)
Tax Year
2026
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CORNER OF PUTNAM ST AND RIVER ST | 386-390 River St
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