300 Main St, Paterson, NJ 07505

This 81,268 square foot, six story masonry building offers significant redevelopment potential in one of New Jersey’s most active and strategically located urban corridors. With flexible B 4 zoning, the property allows for a wide range of commercial and mixed-use applications, including retail, office, and residential conversion.

The first and second floors are ideal for retail use, while the upper floors are currently utilized for storage. Ownership would like to leaseback for his occupied spaces at market rents leading to day one yield as one goes through the redevelopment process.

The building features two drive in doors, one exterior loading dock, and two elevators (including two freight), serving a typical floor plate of approximately 13,545 SF with generous 12.4’ ceiling heights. Ownership has successfully appealed the property taxes, reducing the annual liability to just $78,000.

Located within a designated DCHD Opportunity Zone, the property qualifies for valuable federal and state tax incentives, including capital gains deferrals and permanent exclusions for long-term investors. It also benefits from Paterson’s ongoing revitalization efforts, including a $2 million downtown redevelopment initiative and surrounding mixed-use developments that are enhancing walkability, business activity, and long-term property values.

The Main Street corridor is currently experiencing a renaissance, driven by significant public and private investment aimed at creating a dynamic, transit friendly, and pedestrian oriented business district. With 50 feet of street frontage, 0.42 acres of land, and a walk score of 97, this site is ideally situated to capitalize on Paterson’s growth trajectory.

Seller is open to structuring the deal with seller financing, proposing a $4.5M purchase price with a $2M note at a mutually agreed-upon interest rate, held for two years while the investor completes the redevelopment process.