242-244 Main St - Storefront Retail/Residential FOR SALE


Paterson, NJ 07505- Downtown Paterson
$1,399,000 USD
201-647-9964
242-244 Main St, Paterson, NJ for Sale
$1,399,000 USD
Storefront Retail/Residential - FOR SALE
1/12
null | 5.25% Cap Rate

242-244 Main St
Paterson, NJ 07505
Downtown Paterson


OVERVIEW

Location, Location, Location! An unbeatable investment opportunity awaits the savvy investor in the absolute heart of downtown. This impressive 6-level mixed-use building offers the perfect blend of steady residential income and high-visibility commercial potential. The ground floor features a premier retail space boasting high-foot-traffic visibility and massive windows—perfect for attracting top-tier commercial tenants. Rising above are 5 spacious residential units, providing a robust and diversified income stream. Financial & Utility Highlights: Gross Rental Income: $126,840/year (with incredible upside potential, as one apartment is currently vacant and ready to be rented at market rate). Net Operating Income (NOI): $73,418/year. Separate Utilities: Tenant-friendly setup. Tenants pay for their own heat, gas, and electric. Landlord is only responsible for water. The property is being sold strictly "AS-IS," making it a seamless acquisition for an investor looking to add a high-yielding asset to their portfolio or capitalize on value-add potential in a thriving downtown district. Don't miss out on this turnkey powerhouse with built-in growth.

FOR SALE DETAILS

PRICE

$1,399,000 USD

PRICE/SF

$163 USD /SF

CAP RATE

5.25%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Elbow Building

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

6

YEAR BUILT

1913

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.05 AC

LAND SF

1,991 SF

ZONING

B4, Paterson City

APN/PARCEL ID

08-04501-0000-00033

ASK ABOUT THIS PROPERTY

Vincent LeeRealty 7, LLCMore Info
201-647-9964

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Vincent LeeRealty 7, LLCMore Info
201-647-9964

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