213 Franklin St Paterson, NJ 07524
- Specialty properties
- 3,398 SF
- 0.07 lot acres
Current Use by Public Records
- R-LORENZO AUTO REPAIR LLC / Car Repair And Maintenance Service
- D&B Auto Repair / Mechanic
Property Details for 213 Franklin St
- Lot size
- 0.07 lot acres
- Property size
- 3,398 SF
- Property type
- Specialty properties
- Property subtype
- Retail properties
Description
This exceptional mixed-use property in Paterson, NJ, presents a compelling value-add investment opportunity. The 3,398 square foot building, situated on a lot ranging from 0.07 to 0.1 acres, features three units and is comprised of a two-story structure. Currently operating at 66% occupancy, the property offers significant potential for increased rental income through strategic renovations and upgrades. The residential units provide a solid foundation for enhancement, with opportunities to modernize finishes, optimize layouts, and add premium amenities to boost rental value. The ground-floor commercial space, ideal for retail, office, or dining establishments, allows for flexible reconfiguration and modernization to attract high-paying tenants. Located at 213 Franklin St, Paterson, NJ 07524, this property benefits from its prime location in a rapidly developing area with high visibility and foot traffic. The asking price is $649,900, with a projected 7.00% cap rate. This 1031 exchange eligible property is perfect for investors seeking to maximize returns in a thriving urban market. The property's strategic location, combined with its inherent potential for value enhancement, makes it an attractive investment for those seeking long-term growth and substantial returns. The property includes an apartment building and an auto shop.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Paterson
- County
- Passaic
- State
- New Jersey
- Longitude
- -74.1556
- Latitude
- 40.9261
