51 Mill StPaterson, NJ 07501

This exceptional eight-unit multifamily property, located at 51 Mill Street in the heart of Paterson, NJ, presents a compelling investment opportunity. The 3,369 square foot building sits on a 0.04-acre lot and boasts a strong rental income stream. The property comprises a diverse mix of units: one three-bedroom apartment, four one-bedroom apartments, and one studio apartment, all currently occupied by tenants in good standing with existing leases. Off-street parking is available for residents. The current gross annual income is $92,454, with separate utilities for each unit, resulting in an attractive 8.14% capitalization rate. This indicates a significant return on investment, well below market value. The building also features a substantial basement providing ample storage space. This property is ideal for investors seeking a stable, high-yield investment in a vibrant urban location. The strong tenant occupancy and above-average cap rate make this a truly exceptional value-add opportunity. The diverse unit mix caters to a wide range of renters, ensuring consistent occupancy and income generation. This is a turnkey investment ready for immediate income generation. Don't miss this chance to acquire a prime multifamily property in a rapidly developing area.