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Elbow Building 242-244 Main St 8,606 SF 100% Leased Retail Building Paterson, NJ 07505 $1,359,000 ($157.91/SF) 5.95% Cap Rate

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EXECUTIVE SUMMARY

Solid 6 Story Mixed-use building, 1Retail, five apartments, located on Main St., the busiest street in Paterson. This building has great potential to increase income. The current rent is below the market value. Current income is $135,000. Each floor is $1800 Sqft. Huge size. You can make a 3-bed apartment on each floor. This building has true value.
The potential income will exceed $200,000—section 8 in Paterson for a 3-bed $2550. Retail (Cell phone store): four (4) apartments are updated. Separated heating, the 6th floor is vacant. Full basement.

Investment Profile_242-244 Main St, Paterson_20251008a (1)

Offering Memorandum

FINANCIAL SUMMARY (ACTUAL - 2025)	ANNUAL	ANNUAL PER SF
Gross Rental Income	$135,000	$15.69
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$135,000	$15.69
Taxes	-	-
Operating Expenses	-	-
Total Expenses	$54,180	$6.30
Net Operating Income	$80,820	$9.39

FINANCIAL SUMMARY (ACTUAL - 2025)

Gross Rental Income
Annual	$135,000
Annual Per SF	$15.69

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	$135,000
Annual Per SF	$15.69

Taxes
Annual	-
Annual Per SF	-

Operating Expenses
Annual	-
Annual Per SF	-

Total Expenses
Annual	$54,180
Annual Per SF	$6.30

Net Operating Income
Annual	$80,820
Annual Per SF	$9.39

PROPERTY FACTS

Sale Type

Investment or Owner User

Property Type

Retail

Property Subtype

Storefront Retail/Residential

Building Size

8,606 SF

Building Class

Year Built

1913

Price

$1,359,000

Price Per SF

$157.91

Cap Rate

5.95%

NOI

$80,820

Percent Leased

100%

Tenancy

Multiple

Building Height

6 Stories

Building FAR

4.94

Lot Size

0.04 AC

Opportunity Zone

Yes

Zoning

B4, Paterson City

Frontage

31’ on Main St

MAJOR TENANTS

Retailer
1 SF
$37.00
Modified Gross
-

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