386-390 River St
Unique Investment Opportunity, Mix-Use, Very Clean with Great Income!
Marketing description
Recent PRICE ADJ. by $100,000. Approx. $140K annual income, featuring a well-maintenained property with 8 units mix-use property consisting of 4 newer 2 bedrooms, 1 bath residential units in great condition, built approx. 1995 with modern/open layouts, LR, Kitchens, 2 spacious bedrooms and bath, all separate utilities and gas baseboard heat (RENTS are under Mkt Value and currently M2M at $1200-$1250 EACH), the ground floor consists of 4 shops (Unit#1 currently for rent at $2,000 a month consisting of approx 2000SQF formerly used as an upholstery shop with overhead 12' door), Unit#2: a Karate/Gym with office and 2nd floor room with restrooms rented at $1650, Unit#3: Tire-Shop currently $1,280, and Unit#4 Auto Repair $1680. Property is very well maintained and in good condition consisting of 2 lots (384-386 River St - Parking lot for tenants, and 386-390 River St ).This building is very well-maintained, in a convenient location of Paterson, close to shopping, NYC transp.and major highways.
Investment highlights
Great income-producing property (Approx. $140k/yr) 8 units with upside potential, great condition with minimal initial investment in upkeep, stable tenants, month to month residential tenants with parking lot.
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