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The Elbow Building 242-244 Main St 8,606 SF 100% Leased Retail Building Paterson, NJ 07505 $1,930,480 CAD ($224.32 CAD/SF)
Executive Summary
Executive Investment Summary
Prime Investment Opportunity in the Heart of Downtown Paterson! This massive, six-story mixed-use building is perfectly situated on Main Street, the city’s busiest and most vibrant thoroughfare, offering unbeatable street visibility and continuous, high-volume foot traffic.
The asset features a highly desirable ground-floor retail space (currently occupied by a stable mobile store tenant) and five expansive residential units, each boasting an exceptionally large footprint of approximately 1,800 sq. ft. of living space.
Unlocking the Value-Add Potential:
Currently generating an annual gross income of $119,400, this property represents a true "value-add" play with immediate rental upside. Capitalizing on the vast 1,800 sq. ft. layouts, an investor can strategically configure these units into high-demand 3-bedroom apartments. These 3-BR layouts can command up to $2,550 per month under the Section 8 housing voucher program, projecting the Potential Gross Income to exceed $200,000+ annually.
Property Condition & Mechanicals:
Recent Updates: Four of the residential apartments and the ground-floor retail space have already been updated, significantly reducing immediate capital expenditure (CapEx) requirements.
Immediate Optimization: The entire 6th floor is currently delivered vacant, standing ready for immediate renovation and strategic repositioning to maximize cash flow.
Separate Utilities: Tenant-split utility structure. Tenants are fully responsible for their own heat, gas, and electricity, keeping landlord operational expenses remarkably low.
Additional Assets: Features a full, spacious basement ideal for maintenance or tenant storage, backed by solid, well-maintained building mechanicals.
Do not miss the chance to acquire a high-yield, recession-resistant asset in a premier, high-traffic location with exceptional growth and equity appreciation potential.
Property Overview:
Location: Main Street, Downtown Paterson, NJ
Asset Type: Mixed-Use (Retail + Multifamily)
Number of Stories: 6 Stories
Current Gross Income: $119,400 / Year
Pro Forma Gross Income: $200,000+ / Year (Post 3-BR Section 8 conversion)
Utility Structure: Separate Utilities (Tenants pay Heat/Gas/Electric)
Financial statements, detailed rent rolls, and pro forma projections are available upon request to qualified buyers.
Prime Investment Opportunity in the Heart of Downtown Paterson! This massive, six-story mixed-use building is perfectly situated on Main Street, the city’s busiest and most vibrant thoroughfare, offering unbeatable street visibility and continuous, high-volume foot traffic.
The asset features a highly desirable ground-floor retail space (currently occupied by a stable mobile store tenant) and five expansive residential units, each boasting an exceptionally large footprint of approximately 1,800 sq. ft. of living space.
Unlocking the Value-Add Potential:
Currently generating an annual gross income of $119,400, this property represents a true "value-add" play with immediate rental upside. Capitalizing on the vast 1,800 sq. ft. layouts, an investor can strategically configure these units into high-demand 3-bedroom apartments. These 3-BR layouts can command up to $2,550 per month under the Section 8 housing voucher program, projecting the Potential Gross Income to exceed $200,000+ annually.
Property Condition & Mechanicals:
Recent Updates: Four of the residential apartments and the ground-floor retail space have already been updated, significantly reducing immediate capital expenditure (CapEx) requirements.
Immediate Optimization: The entire 6th floor is currently delivered vacant, standing ready for immediate renovation and strategic repositioning to maximize cash flow.
Separate Utilities: Tenant-split utility structure. Tenants are fully responsible for their own heat, gas, and electricity, keeping landlord operational expenses remarkably low.
Additional Assets: Features a full, spacious basement ideal for maintenance or tenant storage, backed by solid, well-maintained building mechanicals.
Do not miss the chance to acquire a high-yield, recession-resistant asset in a premier, high-traffic location with exceptional growth and equity appreciation potential.
Property Overview:
Location: Main Street, Downtown Paterson, NJ
Asset Type: Mixed-Use (Retail + Multifamily)
Number of Stories: 6 Stories
Current Gross Income: $119,400 / Year
Pro Forma Gross Income: $200,000+ / Year (Post 3-BR Section 8 conversion)
Utility Structure: Separate Utilities (Tenants pay Heat/Gas/Electric)
Financial statements, detailed rent rolls, and pro forma projections are available upon request to qualified buyers.
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
$1,930,480 CAD
Price Per SF
$224.32 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
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 | $870,057 CAD |
| Land Assessment | $132,699 CAD | Total Assessment | $1,002,756 CAD |
Property Taxes
Parcel Number
08-04501-0000-00033
Land Assessment
$132,699 CAD
Improvements Assessment
$870,057 CAD
Total Assessment
$1,002,756 CAD
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The Elbow Building | 242-244 Main St
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