150-154 Ellison StPaterson, NJ 07505

This exceptional redevelopment opportunity in Paterson, New Jersey, presents a unique chance to acquire two buildings totaling 150-154 Ellison Street, 07505. Listed at $2,500,000, this mixed-use property is situated in a high-traffic downtown location, offering significant potential for a substantial return on investment. The buildings are in need of complete rehabilitation, presenting a blank canvas for a visionary developer. Preliminary plans suggest the possibility of developing approximately 55 residential units, subject to necessary approvals. The property's prime location offers easy access to major highways, ensuring convenient access for residents and businesses alike. Furthermore, the potential for tax abatement presents a significant financial advantage for the successful buyer. This package deal offers a compelling opportunity to capitalize on the revitalization of downtown Paterson and create a thriving mixed-use development. The property's location within Passaic County provides access to a robust local economy and a growing population. This is a rare chance to acquire a large-scale redevelopment project with significant upside potential in a rapidly developing urban area.