597-599 River StPaterson, NJ 07524

For Sale
$949,900

Prime River Street location; strong cash flow.

Overview

Added:
Feb 13
Days on market:
29
This exceptional all-brick, mixed-use property in Paterson, NJ, presents a compelling investment opportunity. Located on a bustling commercial street within a rapidly developing area, this building offers a balanced income stream from both residential and commercial tenants. The property features two spacious, updated three-bedroom apartments, each currently generating $2,000 in monthly rent, and two versatile commercial units. One commercial unit, a grocery store, also brings in $2,000 per month, while the other generates $900 monthly. The apartments are in excellent condition, ensuring high tenant desirability. The commercial units offer significant potential for growth, capitalizing on the neighborhood's upward trajectory and numerous new construction projects. Low property taxes further enhance the profitability of this investment. Situated at 597-599 River St, Paterson, NJ 07524, this property offers a rare combination of stability, growth potential, and strong cash flow, making it an ideal addition to any investment portfolio. The asking price is $949,900.

Highlights

  • $949,900 asking price for a mixed-use property in a rapidly developing area.
  • All-brick building with two spacious three-bedroom apartments and two commercial units.
  • Apartments are in excellent condition, generating $2,000/month each in rental income.
  • Commercial units generate $2,900/month in rental income ($2,000 from a grocery store and $900 from another store).
  • Low property taxes enhance profitability.

Location Insight

City
Paterson
County
Passaic
State
New Jersey
Latitude
40.934085
Longitude
-74.156126
597-599 River St, Paterson, New Jersey

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597-599 River St
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