Straight Street Rooms & Retail 217 Straight St 6 Unit Apartment Building $1,642,548 CAD ($273,758 CAD/Unit) 6.50% Cap Rate Paterson, NJ 07501

215–217 Straight Street presents a rare opportunity to acquire a strategically positioned mixed-use asset in the heart of Paterson, NJ. Spanning approximately 6,500 square feet across two floors, the property combines immediate cash flow with substantial value-add potential, making it well-suited for investors seeking both stability and long-term growth.
The ground floor retail component provides in-place income, while the upper floors remain underutilized and primed for conversion to residential or office use. Current rents are below market, creating a clear path for revenue enhancement. With targeted capital improvements, investors can reposition this property to fully leverage the strong demand within Paterson’s urban core.
Located just steps from downtown and within walking distance of the Great Falls Historic District, the property benefits from excellent accessibility. It is directly connected to major regional highways including Interstate 80, Route 20, and the Garden State Parkway, while also offering immediate access to NJ Transit bus and rail lines with direct service to New York City. This level of connectivity enhances both the leasing profile and long-term appreciation prospects of the asset.
Offered at $1,200,000, 215–217 Straight Street is priced well below replacement cost and represents one of the most competitive entry points in the market. Comparable CBD assets transact at higher basis, underscoring the strength of this pricing. For investors with the resources to implement a repositioning strategy, this property provides the framework for significant value creation.
Delivered as-is with existing tenancy and zoning in place, this acquisition offers a combination of stabilized income and scalable upside. For qualified investors seeking a direct foothold in a rapidly revitalizing New Jersey market, 215–217 Straight Street is positioned as a high-potential, performance-driven asset.
Property Overview
• Building Size: 6,594 SF
• Stories: 3 floors + basement
• Lot Size: 0.09 acres (3,920 SF)
• Zoning: CBD – Central Business District (favorable to mixed-use, retail and flex use with appropriate approvals)
• Occupancy: Ground floor commercial tenants in place; upper floors previously residential/office rooming house with repositioning potential