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The Elbow Building 242-244 Main St 8 606 pi² 100% Loué Commerce de détail Immeuble Paterson, NJ 07505 1 930 480 $ CAD (224,32 $ CAD/pi²)
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Résumé de l'annonce
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.
Faits sur la propriété
Type de vente
Investissement
Type de propriété
Commerce de détail
Sous-type de propriété
Commerce pied immeuble
Taille du bâtiment
8 606 pi²
Classe d’immeuble
C
Année de construction
1913
Prix
1 930 480 $ CAD
Prix par pi²
224,32 $ CAD
Pourcentage loué
100%
Location
Multiples
Hauteur du bâtiment
6 étages
Coefficient d’occupation des sols de l’immeuble
4,32
Taille du lot
0,05 AC
Zone de développement économique
Oui
Zonage
B4, Paterson City
Exceptionnellement accessible à pied
100/100
Moyennement adapté aux voitures
60/100
Transports en commun exceptionnels
90/100
Plutôt accessible en vélo
50/100
Principaux détaillants à proximité
Impôts fonciers
| Numéro de lot | 08-04501-0000-00033 | Évaluation des bâtiments | 871 496 $ CAD |
| Évaluation du terrain | 132 919 $ CAD | Évaluation totale | 1 004 415 $ CAD |
Impôts fonciers
Numéro de lot
08-04501-0000-00033
Évaluation du terrain
132 919 $ CAD
Évaluation des bâtiments
871 496 $ CAD
Évaluation totale
1 004 415 $ CAD
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The Elbow Building | 242-244 Main St
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