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The Elbow Building 242-244 Main St 8,606 SF 100% Leased Retail Building Paterson, NJ 07505 $1,960,978 CAD ($227.86 CAD/SF) 5.25% Cap Rate
Executive Summary
The ground floor features a premier retail space boasting high-foot-traffic visibility and massive windows—perfect for attracting top-tier commercial tenants. Rising above are 5 spacious residential units, providing a robust and diversified income stream.
Financial & Utility Highlights:
Gross Rental Income: $126,840/year (with incredible upside potential, as one apartment is currently vacant and ready to be rented at market rate).
Net Operating Income (NOI): $73,418/year.
Separate Utilities: Tenant-friendly setup. Tenants pay for their own heat, gas, and electric. Landlord is only responsible for water.
The property is being sold strictly "AS-IS," making it a seamless acquisition for an investor looking to add a high-yielding asset to their portfolio or capitalize on value-add potential in a thriving downtown district.
Don't miss out on this turnkey powerhouse with built-in growth.
Property Facts
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Ama Mobile Store
- Retailer
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- Information
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Cricket Wireless began in 1999 as a prepaid wireless brand and later became part of AT&T after AT&T acquired Leap Wireless International. The company offers prepaid mobile plans, smartphones, and related wireless services, with support for online account management, billing, activation, and device help. Cricket Wireless serves customers through store locations and online sales, and its offerings include no-contract plans, 5G access, hotspot data on select plans, and device protection options. The company remains focused on straightforward wireless service for U.S. customers across a broad national footprint.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Ama Mobile Store | Retailer | - | - | - | ||
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Information | - | - | - |
Nearby Major Retailers
Property Taxes
| Parcel Number | 08-04501-0000-00033 | Improvements Assessment | $1,123,718 CAD |
| Land Assessment | $322,090 CAD | Total Assessment | $1,445,808 CAD |
Property Taxes
Presented by
The Elbow Building | 242-244 Main St
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