615 E 22Nd St · Paterson, NJ 07514-2842

$800,000

16 bd · 6.0 ba · 2,772 sqft · MultiFamily · 16 Days on market

Good condition

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Appreciation +5.0/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +1.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Welcome to an incredible opportunity in the East Side Section of Paterson! This spacious and beautifully renovated 4-Unit Mixed-use property is perfect for both investors and owner occupants looking to maximize value and versatility. This fully updated building features two residential apartments and two storefronts, offering the ideal blend of cash flow potential and modern living. The first apartment boasts 4 bedrooms and 1.5 bathrooms with a bright and functional layout designed for comfort. The second apartment offers 2 bedrooms and 1 bathroom with impressive ceiling height that creates an open, airy feel throughout the space. Both units showcase stylish finishes and thoughtful updates

Key facts

• Listed 16 days

Property features AI

Finance

• Financial info: 4 residential units; Gross operating income: $100,200; Net operating income: $66,696; Total operating expenses: $33,504; Expenses include cold water and taxes; Unit rents: Unit 1 $1,850; Unit 2 $1,700; Unit 3 $1,800; Unit 4 $3,000; Security deposits: Unit 1 $1,850; Unit 2 $1,700; Unit 3 $1,800; Unit 4 $3,000

Exterior

• Parking: Off-street parking
• Utilities: Electric service available; Natural gas available; Public sewer; Public water
• Home design: Two-story unit style; Grey exterior color
• Construction: Renovated in 2025
• Exterior features: Aluminum siding; Flat roof; Renovated building (2025)

Interior

• Kitchen: Unit 3: Microwave, Electric range/oven; Unit 4: Microwave, Gas range/oven; Unit 4: Eat-in kitchen
• Bedrooms: Unit 3: 2 bedrooms; Unit 4: 4 bedrooms
• Bathrooms: 2 full bathrooms; 3 half bathrooms; Unit 1: 1 bathroom; Unit 2: 1 bathroom; Unit 3: 1 bathroom; Unit 4: 1.5 bathrooms
• Heating & cooling: Four heating units; Baseboard electric heating; Baseboard hot water heating; Heating fuel: Electric and natural gas
• Interior features: Partial, unfinished basement with storage and utility room; 17 total rooms
• Laundry & utility: Utility rooms in multiple units; Owner pays water for units 1–3; tenants pay electric and heat (unit-specific arrangements listed per unit)

What this means for you Summary

Snapshot

• This is a 3×4.0bd/1.5ba + 1×2.0bd/1.0ba units multifamily listed at $800k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $315/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $800k).
• Recommended offer: $788k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.5% in Paterson — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#293 in NJ) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: schools D, employment D, crime F.
• Paterson Public School District (suburban): math 6% / reading 26% proficiency, ranked #458 of 472 in NJ (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 1 active listings in the ZIP; 860 units permitted in Passaic County in 2024 (614 in 5+ unit buildings).

Forward outlook

• In year one you build about $30k of equity ($6k loan paydown + $24k appreciation (3.0% local appreciation)).
• Passaic County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $224k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($788k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $425k; list at $800k implies a 88% gain — meaningful room to come down on a strong offer.

Recommended offer $788,000 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.74%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.8%
• Equity multiple: 1.79×
• Total profit: $176,692
• Equity at exit: $359,715

10-year hold

• IRR: 15.7%
• Equity multiple: 3.31×
• Total profit: $516,924
• Equity at exit: $554,363

Cash invested: $224,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 07514-2842

• Active inventory: 1
• Price-to-rent: 30.3×

Monthly cashflow live

• Estimated rent: $8,592 medium
• Mortgage (P&I): −$4,195
• Tax est. 1.5%: −$1,000 /mo · $12,000/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,804
• Net cashflow: $1,259

Break-even live

Break-even rent $6,998

Max offer price $800,000

Occupancy floor 80%

Sensitivity live

Price	-10% $1,812	-5% $1,535	+0% $1,259	+5% $983	+10% $706
Rent	-10% $580	-5% $920	+0% $1,259	+5% $1,598	+10% $1,938
Rate	-1.0pp $1,662	-0.5pp $1,463	base $1,259	+0.5pp $1,052	+1.0pp $841

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4.0	1.5	$6,600
1× unit	2.0	1	$1,992
Total (4 units)			$8,592

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $200,000
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $800,000 Active 16 DOM
2. 2026-06-18
   days on market $800,000 Active 13 DOM
3. 2026-06-17
   pricedays on market $800,000 Active 12 DOM
4. 2026-06-16
   days on market $879,999 Active 11 DOM
5. 2026-06-15
   days on market $879,999 Active 10 DOM
6. 2026-06-13
   days on market $879,999 Active 8 DOM
7. 2026-06-13
   days on market $879,999 Active 7 DOM
8. 2026-06-09
   days on market $879,999 Active 4 DOM
9. 2026-06-08
   days on market $879,999 Active 3 DOM
10. 2026-06-07
    status $879,999 Active 2 DOM
11. 2026-06-04
    days on market $879,999 Coming Soon 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $879,999 Coming Soon 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $103,104
• − Mortgage interest: −$44,812
• − Property taxes: −$12,000
• − Insurance: −$4,000
• − Repairs & maintenance: −$8,248
• − Management: −$8,248
• − Depreciation: −$23,273
• Taxable income: $2,522
• Est. tax owed @ 24.0%: −$605
• After-tax cash flow: $14,503/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This fully renovated 4-unit mixed-use property in Paterson offers a great opportunity for investors and owner-occupants. The units are modern and well-maintained, with fresh paint and updated finishes.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and adds value
• Both Painting exterior — Fresh paint can improve curb appeal and value
• Both Landscaping and curb appeal — Improves overall aesthetic and value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — Enhances curb appeal and adds value ↑
• Both Painting exterior — Fresh paint can improve curb appeal and value ↑
• Both Landscaping and curb appeal — Improves overall aesthetic and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Paterson Public School District
• NCES district ID: 3412690
• Math proficiency: 6% ▼ -12.00%
• Reading proficiency: 26% ▼ -4.00%
• Median HH income: $34,365
• Composite: 13.02/100
• National rank: #9568
• State rank: #458 of 472 in NJ

Livability — Paterson

• Score: 69/100
• State rank: #293
• US rank: #8763

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment D Housing C+ Health & safety A User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Paterson, NJ

Population outlook (Passaic County) Hauer SSP2

• Today (2025): 525,915 people
• By 2030: 532,160 · +1.2%
• By 2040: 543,670 · +3.4%
• By 2050: 554,326 · +5.4%
• By 2075: 584,728 · +11.2%
• By 2100: 598,978 · +13.9%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

+76.0% since first listed

4 events — show timeline

• 2026-06-02 Coming Soon $879,999 GSMLS
• 2025-07-30 Sold (MLS) $425,000 GSMLS
• 2025-03-25 Pending — GSMLS
• 2025-02-19 Listed $500,000 GSMLS