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The Elbow Building 242-244 Main St 8,606 SF 100% Leased Retail Building Paterson, NJ 07505 $1,960,083 CAD ($227.76 CAD/SF) 5.25% Cap Rate
Executive Summary
Location, Location, Location! An unbeatable investment opportunity awaits the savvy investor in the absolute heart of downtown. This impressive 6-level mixed-use building offers the perfect blend of steady residential income and high-visibility commercial potential.
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.
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
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
8,606 SF
Building Class
C
Year Built
1913
Price
$1,960,083 CAD
Price Per SF
$227.76 CAD
Cap Rate
5.25%
NOI
$102,863 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 End
- Ama Mobile Store
- Retailer
- -
- -
- -
-
- Information
- -
- -
- -
Cricket offre des forfaits abordables, un excellent service à la clientèle et une tonne d'extras. Le tout sur leur réseau 5G rapide et fiable ! Cricket est un fournisseur de services sans fil qui offre des téléphones mobiles prépayés, des plans de couverture et une gamme d'accessoires. Ils aident les clients à moins stresser et à sourire davantage en offrant une expérience sans fil facile, de haute qualité et abordable.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Ama Mobile Store | Retailer | - | - | - | ||
|
|
Information | - | - | - |
Exceptionally walkable
100/100
Moderately drivable
60/100
Exceptional public transit
90/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 08-04501-0000-00033 | Improvements Assessment | $1,125,168 CAD |
| Land Assessment | $322,506 CAD | Total Assessment | $1,447,673 CAD |
Property Taxes
Parcel Number
08-04501-0000-00033
Land Assessment
$322,506 CAD
Improvements Assessment
$1,125,168 CAD
Total Assessment
$1,447,673 CAD
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The Elbow Building | 242-244 Main St
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