116 Belmont Ave, Paterson City, NJ 07522

• 9 beds |
• 3 baths

Property Description

This was a mixed-use property with a laundromat business operating on the first floor, but the previous owner removed all of the equipment. Gas, electric, water, security system, and drainage connections have been installed, with capacity for up to 20 washers and 20 dryers. A new central A/C and heating system has also been installed on the first floor, the building also features two recently renovated apartments on the second and third floors (see details in the unit information section). The driveway, siding, and roof are all brand new, you have to see this property in person to truly appreciate the many recent improvements. Due to the first-floor vacancy, the previous buyers were unable to secure financing. As a result, the seller is only accepting cash offers with proof of funds. Conventional financing may be considered with at least a 50% down payment and a pre-approved loan letter. Buyers should check with their lender before moving forward. "BETTER SAFE THAN SORRY" This property represents an outstanding investment opportunity with significant income potential. GOOD NEWS...!!! THE PROPERTY HAS ALREADY BEEN APPRAISED AT $800,000, SO THERE IS NO RISK OF GOING FOR THE FULL ASKING PRICE...!!!

Listing Status:

Active

Data Last Updated:

August 9, 2026 at 6:40AM

Listing Office:

PROMISE LAND REALTY : 973-253-7330

MLS ID:

3969680

Interior

• General: Carbon Monoxide DetectorFire ExtinguisherSecurity SystemSee RemarksSmoke Detector
• Basement: Full
• A/C: Central AirWindow A/C(s)
• Heating: 3 UnitsRadiators - Hot WaterElectricGas-Natural

Exterior

• General: BrickVinyl SidingMetal FenceWood Fence
• Parking: Parking spaces: 6

Construction

• Roofing: Asphalt Shingle

Location

• County: Passaic

Lot

• Driveway: Blacktop
• Zoning: 2508-00422-0000-00008-0000-

Utilities

• Utilities: Electric
• Water: Public Water
• Sewer: Public Sewer

Financial

• Exclusions: Tenants' properties