8-Units Mixed-Use Investment Property for Sale in Paterson, NJ
Property Highlights:
This 8-Units Mixed-Use Investment Property for Sale in Paterson, NJ consists of four residential 4 two-bedroom apartments and four ground-level commercial units. great property, extremely well maintained, 4 residential units built approx. Thirty years ago, all utilities were separate, including gas baseboard heating, and the property featured a two-lot configuration with on-site tenant parking.
First time offered for sale, this well-maintained 8-unit mixed-use property in Paterson, New Jersey, presents a strong income opportunity with upside potential. Conveniently located near shopping, NYC transportation, and major area highways, this asset is ideal for investors seeking stable cash flow and long-term appreciation.
The property consists of four (4) second-floor two-bedroom residential apartments and four (4) ground-level commercial units. The residential units feature modern, open layouts with living rooms, kitchens, two spacious bedrooms, and full bathrooms. All apartments have separate utilities and gas baseboard heating. Residential rents are currently month-to-month at $1,200 per unit, which are below market, offering immediate value-add potential.
8-Units Mixed-Use Property in Paterson, NJ CLICK THIS VIDEO FOR SOME PICTURES OF THE PROPERTY
This 8-unit mixed-use investment property in Paterson, New Jersey, consist of:
The first floor includes four (4) commercial spaces:
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Vacant upholstery shop (approximately 2,000 SF) currently offered at $2,000/month, featuring a 12-foot overhead door
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Karate/Gym facility with office and second-floor room with restrooms, rented at $1,650/month
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Tire shop, rented at $1,280/month
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Auto repair shop, rented at $1,680/month
- Total Commercial Income: $79,320 annually
The second floor includes four (4) Residential Units:
2-Bedroom Apartments, $1,200 per unit/M (Month-to-Month leases, under market), in great condition. Total Residential Income: $57,600 annually
Total Gross Income: $136,920 annually, Taxes: $29,560
Investment Highlights:
•Under-market residential rents • Mixed-use income diversification
•All Separate utilities • Very well maintained in a convenient location near transportation
• No known environmental issues, and value-add upside through rent normalization and lease-up.
The property is comprised of two separate lots:
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384–386 River Street – smaller lot dedicated to tenant’s parking
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386–390 River Street – main mixed-use structure
The asset is very well maintained, in good condition, and requires minimal or no initial investment to cover deferred maintenance. with stable paying tenants, and under-market residential rents which are in a month to month basis allowing new owners to adjust rents closer to fair market value (FMV), and a vacant commercial unit ready for lease-up, this property offers strong in-place income with upside potential. and the Sale subject to existing tenancies.
Offered at: $1,500.000
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