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The Elbow Building 242-244 Main St 8,606 SF 100% Leased Retail Building Paterson, NJ 07505 $1,399,000 ($162.56/SF) 5.25% Cap Rate
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
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Ama Mobile Store
- Retailer
- -
- -
- -
-
- Information
- -
- -
- -
Cricket Wireless began in 1999 as a prepaid wireless brand and later became part of AT&T after AT&T acquired Leap Wireless International. The company offers prepaid mobile plans, smartphones, and related wireless services, with support for online account management, billing, activation, and device help. Cricket Wireless serves customers through store locations and online sales, and its offerings include no-contract plans, 5G access, hotspot data on select plans, and device protection options. The company remains focused on straightforward wireless service for U.S. customers across a broad national footprint.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Ama Mobile Store | Retailer | - | - | - | ||
|
|
Information | - | - | - |
Exceptionally walkable
100/100
Moderately drivable
60/100
Exceptional public transit
90/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 08-04501-0000-00033 | Improvements Assessment | $631,400 |
| Land Assessment | $96,300 | Total Assessment | $727,700 |
Property Taxes
Parcel Number
08-04501-0000-00033
Land Assessment
$96,300
Improvements Assessment
$631,400
Total Assessment
$727,700
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The Elbow Building | 242-244 Main St