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Welcome to this fully renovated rooming house, offering a prime investment with an 8.9% cap rate. Located near Downtown Paterson, shopping, restaurants, and public transit, this 13-unit building includes both residential and commercial spaces. It features seven rooms with 2 shared bathrooms, four rooms with their own private bathrooms, a 3-bedroom apartment, and a commercial unit, providing diverse income streams. Extensive renovations in 2020 include updated plumbing, electrical, heating, and bathrooms, attracting premium tenants and minimizing future costs. A live-in superintendent makes sure the building is clean, manages daily operations, ensuring tenant satisfaction and reducing overhead. With strong rental demand and easy access to transportation, this property offers both reliable cash flow and long-term appreciation which makes it a low-maintenance, high-yield investment. Private Financing potentially available.PROPERTY FEATURES
Heat : Gas
PROPERTY DETAILS
Street Address: 331 Straight Street
City: Paterson
State: New Jersey
Postal Code: 07501
MLS Number: 25009707
Courtesy of United Real Estate
City: Paterson
State: New Jersey
Postal Code: 07501
MLS Number: 25009707
Courtesy of United Real Estate
Courtesy of Christie's International Real Estate Group-Mahwah/Saddle River Regional Office
Courtesy of CHRISTIE'S INT. REAL ESTATE GROUP