242-244 Main Street, Paterson, NJ 07505

Property Description

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 thoroughfare, offering unbeatable visibility and high foot traffic. The property features a prime ground-floor retail space (currently a mobile store) and five expansive residential units, each boasting approximately 1,800 sq. ft. of living space. With a current income of $119,400 and significant rental upside, this asset is a true "value-add" play; by converting units into 3-bedroom apartments—commanding up to $2,550 under Section 8—the potential gross income exceeds $200,000. Four apartments and the retail space have been updated, and the sixth floor remains vacant, ready for immediate optimization. The building is equipped with separate utilities (tenants pay heat, gas, and electric), a full basement for storage, and solid mechanicals. Don't miss the chance to acquire a high-yield asset in a premier location with exceptional growth potential.

Listing Status:

Active

Date Added:

April 5, 2026

Data Last Updated:

May 10, 2026 at 2:00PM

Listing Office:

Realty 7, LLC : 201-292-7777

Listing Agent:

Vincent Lee : 201-647-9964

MLS ID:

26011325

Interior

• Heating: ElectricGasHot Water

Location

• County: PASSAIC

Utilities

• Utilities: Sep ElecSep GasSeperate Heat

Financial

• Ownership: Private