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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
Location, Location, Location! An unbeatable investment opportunity awaits the savvy investor in the absolute heart of downtown with this premier 6-level mixed-use building. The property features a high-visibility ground-floor retail space with large windows perfect for attracting maximum foot traffic, situated beneath 5 spacious residential units that provide a steady, diversified income stream. Financially optimized for low landlord oversight, all utilities are completely separate with tenants paying for their own heat, gas, and electric, while the landlord is only responsible for water. The asset currently generates a robust Net Operating Income (NOI) of $73,418 on a Gross Rental Income of $126,840, offering immediate, incredible upside potential to maximize your return since all rents feature a built-in 5% annual increase and one apartment is delivered vacant, ready for immediate market-rate rental. Sold strictly "AS-IS,"
Location
State NJ
County Passaic
Interior
Heating Electric, Gas, Hot Water
Nearby Locations
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