Remarks

Welcome to this fully renovated, income-generating rooming house that presents an exceptional investment opportunity with an 8.9% cap rate, ideal for savvy investors seeking immediate cash flow and long-term growth. This 13-unit mixed-use building is strategically located in a high-demand area, just blocks from Downtown Paterson, shopping centers, restaurants and the train station, providing easy access for both residential and commercial tenants. The property features a combination of residential and commercial units, including seven rooms with 2 shared bathrooms, four rooms with their own private bathrooms, one spacious 3-bedroom apartment, and a commercial unit, offering diverse income streams and significant upside potential. Updated in 2020, extensive renovations include upgraded bathrooms, electrical systems, plumbing, and heating, modernizing the property to attract premium tenants and reduce future capital expenditures. A live-in superintendent keeps the building clean, manages daily operations, ensuring tenant satisfaction and minimizing management overhead.. Positioned in a rapidly growing area with strong rental demand and access to public transportation, this property offers both reliable cash flow and long-term value appreciation. This turnkey investment is an outstanding opportunity for those seeking a high-yield, low-maintenance asset with significant potential. Private Financing Potentially Available.

Details

MLS#: 3953408
Price: $899,900

Year Built: 1940

County: Passaic
Lot Size: 22X81
Tax Fee: 21378