Mixed-Use Building on Main
For Sale
$1,399,000
242-244 Main, Paterson, NJ 07505
Six-story mixed-use building with retail and residential units.
Property SizeContact for details
Days on Market157
Property Features for 242-244 Main
General Information
Standard status
Active
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$38,822
Amenities
Electric Heating
Gas Heating
Listing Agency:
REALTY 7, LLC
(201) 292-7777
Listed By:
VINCENT LEE
(201) 647-9964
Source:
Corcoran
Added: Apr 5
Changed: Sep 7
Last Checked: Sep 7 at 8:00AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REALTY 7, LLC
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,364
Businesses Nearby
Explore this area
Business Placement
Demographics for 07505, NJ
3,215
Population
1,692
Households
1.9
Avg Household Size
38
Median Age
12%
College-Educated
71%
High-School Grad
0.2 sq mi
ZIP Area
16,075
Density / Sq Mi
$33,311
Median Household Income
$33,520
Median Earnings
$1,113
Median Rent
Questions? Ask Rey
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Frequently Asked Questions
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).
