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Elbow Building 242-244 Main St 8,606 SF 79% Leased Retail Building Paterson, NJ 07505 $1,881,536 CAD ($218.63 CAD/SF) 5.95% Cap Rate

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EXECUTIVE SUMMARY

Solid 6 Story Mixed-use building, 1Retail, five apartments, located on Main St., the busiest street in Paterson. This building has great potential to increase income. The current rent is below the market value. Current income is $135,000. Each floor is $1800 Sqft. Huge size. You can make a 3-bed apartment on each floor. This building has true value.
The potential income will exceed $200,000—section 8 in Paterson for a 3-bed $2550. Retail (Cell phone store): four (4) apartments are updated. Separated heating, the 6th floor is vacant. Full basement.

Investment Profile_242-244 Main St, Paterson_20251008a (1)

Offering Memorandum

FINANCIAL SUMMARY (ACTUAL - 2025)	ANNUAL (CAD)	ANNUAL PER SF (CAD)
Gross Rental Income	$186,908	$21.72
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$186,908	$21.72
Taxes	-	-
Operating Expenses	-	-
Total Expenses	$75,012	$8.72
Net Operating Income	$111,895	$13.00

FINANCIAL SUMMARY (ACTUAL - 2025)

Gross Rental Income (CAD)
Annual	$186,908
Annual Per SF	$21.72

Other Income (CAD)
Annual	-
Annual Per SF	-

Vacancy Loss (CAD)
Annual	-
Annual Per SF	-

Effective Gross Income (CAD)
Annual	$186,908
Annual Per SF	$21.72

Taxes (CAD)
Annual	-
Annual Per SF	-

Operating Expenses (CAD)
Annual	-
Annual Per SF	-

Total Expenses (CAD)
Annual	$75,012
Annual Per SF	$8.72

Net Operating Income (CAD)
Annual	$111,895
Annual Per SF	$13.00

PROPERTY FACTS

Sale Type

Investment or Owner User

Property Type

Retail

Property Subtype

Storefront Retail/Residential

Building Size

8,606 SF

Building Class

Year Built

1913

Price

$1,881,536 CAD

Price Per SF

$218.63 CAD

Cap Rate

5.95%

NOI

$111,895 CAD

Percent Leased

79%

Tenancy

Multiple

Building Height

6 Stories

Building FAR

4.94

Lot Size

0.04 AC

Opportunity Zone

Yes

Zoning

B4, Paterson City

Frontage

31’ on Main St

MAJOR TENANTS

Retailer
1 SF
$51.23 CAD
Modified Gross
-

Cricket Wireless operates as a prepaid wireless service provider and is a subsidiary of AT&T Inc. Founded in 1999, Cricket offers nationwide coverage and affordable no-contract plans. The Ottumwa store, located on Venture Drive, provides wireless services, smartphones, and accessories, serving customers in Wapello County and surrounding areas. This location is an authorized retailer and part of Cricket’s extensive retail network across the United States. Cricket Wireless trades under AT&T’s ticker symbol T on the NYSE. The Ottumwa store typically occupies approximately 1,200 square feet within a retail strip and employs a small team focused on sales and customer service.