The Elbow Building 242-244 Main St 8,606 SF 100% Leased Retail Building Paterson, NJ 07505 $1,399,000 ($162.56/SF)

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.