242-244 Main Paterson, NJ 07505

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Listed by VINCENT LEE

Source Corcoran

Added: Apr 5 Checked: Jul 17 at 3:54 am

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Investment Insights

Based on property information with market context.

This six-story mixed-use building is located on Main Street, a busy thoroughfare. The property includes a ground-floor retail space, currently occupied by a mobile store, and five residential units. Each residential unit offers approximately 1,800 sq. ft. of living space. Four apartments and the retail space have been updated. The sixth floor is currently vacant. The building has separate utilities, with tenants responsible for heat, gas, and electric. A full basement provides storage space. The property is positioned as a potential investment opportunity with rental upside. The current income is $119,400. Converting units into 3-bedroom apartments could potentially increase gross income. The building is equipped with solid mechanicals.

Key Highlights

• Prime downtown location on Main Street with high visibility and foot traffic.
• Significant rental upside potential by converting units to 3‑bedroom apartments, potentially exceeding $200,000 gross income.
• Mixed‑use building with ground‑floor retail space and five large residential units (approx. 1,800 sq. ft. each).

Property Analytics

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FAQs

What type of property is this?

Mixed-use property - Six-story mixed-use building with retail and residential units.

Where is this mixed-use property located?

The property is located at 242-244 Main Paterson, NJ.

What is the asking price?

The asking price for this property is $1,399,000.

What are key features of this property?

This property features: Prime downtown location on Main Street with high visibility and foot traffic.; Significant rental upside potential by converting units to 3‑bedroom apartments, potentially exceeding $200,000 gross income.; Mixed‑use building with ground‑floor retail space and five large residential units (approx. 1,800 sq. ft. each).