532 Summer St Paterson, NJ 07501
Legal two-family property generating $6,100 monthly income.
Source: Realty of America LLC
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Cash-Flowing Multifamily Property
This legal two-family property in Paterson presents an investment opportunity with immediate returns. The building features a total of five studio units. The first floor contains two studio units, each equipped with its own bathroom. The second floor mirrors this layout, also offering two private studio suites. A finished attic provides a fifth bonus studio unit. The property is currently generating $6,100 per month in rental income, derived from two units renting at $1,300 each, two units at $1,200 each, and one unit at $1,100. The property has no formal leases, offering flexibility. Annual taxes are $6,310 and insurance costs are $4,500. There is no finished basement, and street parking is the only option. The property is located in a high-demand rental area.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Paterson
- County
- Passaic
- State
- New Jersey
- Longitude
- -74.1637509
- Latitude
- 40.9093411
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FAQs
What type of property is this?
Apartment building - Legal two-family property generating $6,100 monthly income.
Where is this apartment building located?
The property is located at 532 Summer St Paterson, NJ.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: - High cash-flowing, legal 2-family property generating $6,100/month in rental income.; - No certificate of occupancy required, a rare advantage.; - Five studio units provide diverse income streams.