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Listed by Vincent Lee Realty 7, LLC
$ 1,399,000
Est. payment /mo
Active
242-244 Main ST Paterson, NJ 07505
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26011325
Style Retail
Property Sub-Type Retail
Property Description
Prime Investment Opportunity in the Heart of Downtown Paterson! This massive, six-story mixed-use building is perfectly situated on Main Street, the city’s busiest thoroughfare, offering unbeatable visibility and high foot traffic. The property features a prime ground-floor retail space (currently a mobile store) and five expansive residential units, each boasting approximately 1,800 sq. ft. of living space. With a current income of $119,400 and significant rental upside, this asset is a true "value-add" play; by converting units into 3-bedroom apartments—commanding up to $2,550 under Section 8—the potential gross income exceeds $200,000. Four apartments and the retail space have been updated, and the sixth floor remains vacant, ready for immediate optimization. The building is equipped with separate utilities (tenants pay heat, gas, and electric), a full basement for storage, and solid mechanicals. Don't miss the chance to acquire a high-yield asset in a premier location with exceptional growth potential.
Location
State NJ
County Passaic
Interior
Heating Electric, Gas, Hot Water
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