Office Properties in Paterson, New Jersey, offer a unique investment opportunity for those looking to capitalize on the city's rich history and growing economy. As a major destination for Hispanic immigrants and immigrants from Turkey, the Arab world, and South Asia, Paterson has become a hub for small businesses and entrepreneurs. Office Properties in Paterson can represent a range of investments, from commercial real estate to office buildings, and can cater to a variety of businesses, from startups to established corporations. The city's infrastructure, including major highways like Interstate 80 and State Routes 4, 19, and 20, as well as NJ Transit commuter rail and bus services, makes it an attractive location for businesses that need to connect with surrounding counties and New York City. Additionally, the city's institutions, such as Passaic County Community College, and attractions, like the Paterson Museum of Industrial History, make it an ideal location for businesses that value education and culture. With its diverse community and growing economy, Paterson is a great place for business and travel, with attractions like the Great Falls of the Passaic River and the Hudson River waterfront in Hoboken nearby.
With 17 Office Properties for sale in Paterson, investors have a range of options to choose from. The average price per square foot is $246 USD, and the average size is 8,243 square feet, with the largest property available being 30,000 square feet. The average cap rate is 6.74%. In addition to Office Properties, Paterson also offers a range of other property types, including Commercial Real Estate, which can cater to businesses that need large spaces for manufacturing or distribution; Apartment Buildings, which can provide a steady stream of income for investors; Shopping Centers, which can offer a variety of retail spaces for businesses; and Hotels, which can cater to the city's growing tourism industry. With its diverse economy and growing population, Paterson is a great place to invest in real estate, and Office Properties are just one of the many options available.
What is the average price per square foot for office properties in Paterson?
The average price per square foot for office properties in Paterson is $246 USD, with 17 available listings, offering a range of options from 8,243 square feet to 30,000 square feet, and an average cap rate of 6.74%.
What should I know about office property classifications (Class A, B, C)?
When searching for office properties for sale in Paterson, it's essential to understand the classification system, which helps investors and tenants evaluate the quality and amenities of a property.
- Class A office properties are typically high-rise buildings with modern amenities, such as elevators, advanced HVAC systems, and high-end finishes, often located in prime areas with easy access to public transportation and major highways.
- Class B office properties offer functional space with standard amenities, such as adequate lighting and ventilation, and may require some renovations to meet modern standards, often located in decent areas with relatively easy access to public transportation and highways.
- Class C office properties are often older buildings with limited amenities, requiring significant renovations to meet modern standards, and may be located in less desirable areas with limited access to public transportation and highways.
