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242-244 Main St
Paterson, NJ 07505
The Elbow Building · Retail Property For Sale
Executive Summary
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.
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.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
8,606 SF
Building Class
C
Year Built
1913
Price
$1,399,000
Price Per SF
$162.56
Cap Rate
5.25%
NOI
$73,418
Percent Leased
100%
Tenancy
Multiple
Building Height
6 Stories
Building FAR
4.32
Lot Size
0.05 AC
Opportunity Zone
Yes
Zoning
B4, Paterson City
Property Taxes
| Parcel Number | 08-04501-0000-00033 | Improvements Assessment | $796,500 |
| Land Assessment | $228,300 | Total Assessment | $1,024,800 |
Property Taxes
Parcel Number
08-04501-0000-00033
Land Assessment
$228,300
Improvements Assessment
$796,500
Total Assessment
$1,024,800
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