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Elbow Building 242-244 Main St 8,606 SF 100% Leased Retail Building Paterson, NJ 07505 $1,833,196 CAD ($213.01 CAD/SF) 5.95% Cap Rate
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.
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.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$182,106
|
$21.16
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$182,106
|
$21.16
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$73,085
|
$8.49
|
| Net Operating Income |
$109,021
|
$12.67
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $182,106 |
| Annual Per SF | $21.16 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $182,106 |
| Annual Per SF | $21.16 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $73,085 |
| Annual Per SF | $8.49 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $109,021 |
| Annual Per SF | $12.67 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
8,606 SF
Building Class
C
Year Built
1913
Price
$1,833,196 CAD
Price Per SF
$213.01 CAD
Cap Rate
5.95%
NOI
$109,021 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
6 Stories
Building FAR
4.32
Lot Size
0.05 AC
Opportunity Zone
Yes
Zoning
B4, Paterson City
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- 1 SF
- $49.91 CAD
- Modified Gross
- -
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| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | 1 SF | $49.91 CAD | Modified Gross | - |
Walk Score®
Walker's Paradise (99)
Nearby Major Retailers
Property Taxes
| Parcel Number | 08-04501-0000-00033 | Improvements Assessment | $851,714 CAD |
| Land Assessment | $129,902 CAD | Total Assessment | $981,616 CAD |
Property Taxes
Parcel Number
08-04501-0000-00033
Land Assessment
$129,902 CAD
Improvements Assessment
$851,714 CAD
Total Assessment
$981,616 CAD
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Elbow Building | 242-244 Main St
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