150-154 Ellison St Paterson, NJ 07505-1329

Property Details for 150-154 Ellison St

Construction

BRICK

Lot size

0.18 lot acres

Property size

22,970 SF

Zone code

B-4

Property type

Commercial real estate

APN

08 04406-0000-00002

APU

804406000000002

Description

This exceptional redevelopment opportunity in Paterson, New Jersey, presents a unique chance to acquire two buildings totaling 150-154 Ellison Street, 07505. Listed at $2,500,000, this mixed-use property is situated in a high-traffic downtown location, offering significant potential for a substantial return on investment. The buildings are in need of complete rehabilitation, presenting a blank canvas for a visionary developer. Preliminary plans suggest the possibility of developing approximately 55 residential units, subject to necessary approvals. The property's prime location offers easy access to major highways, ensuring convenient access for residents and businesses alike. Furthermore, the potential for tax abatement presents a significant financial advantage for the successful buyer. This package deal offers a compelling opportunity to capitalize on the revitalization of downtown Paterson and create a thriving mixed-use development. The property's location within Passaic County provides access to a robust local economy and a growing population. This is a rare chance to acquire a large-scale redevelopment project with significant upside potential in a rapidly developing urban area.

Location Insight

City

Paterson

County

Passaic

State

New Jersey

Longitude

-74.171

Latitude

40.9171

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments