331 Straight St Active Save Request In-Person Tour Request Virtual Tour
Paterson City,NJ 07501
Key Details
Property Type Single Family Home
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 3953408
Year Built 1940
Annual Tax Amount $21,378
Tax Year 2024
Lot Size 1,742 Sqft
Property Sub-Type Mixed Use
Property Description
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.
Location
State NJ
County Passaic
Zoning Commercial
Interior
Heating Electric, Gas-Natural
Cooling No Cool
Equipment See Remarks
Exterior
Exterior Feature See Remarks
Utilities Available Electric, Gas-Natural, See Remarks
Roof Type Flat, See Remarks
Building
Story 3
Sewer Public Sewer
Water Public Water