37-39 Mill St Under Contract 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 Under Contract
Purchase Type For Sale
MLS Listing ID 3920603
Year Built 1940
Annual Tax Amount $17,086
Tax Year 2023
Lot Size 4,356 Sqft
Property Description
Welcome to an exceptional investment opportunity in the heart of Paterson's thriving business district! This mixed-use property comprises two buildings at 37-39 and 41 Mill St, complemented by an additional lot at 7 Elm St. Currently, the property boasts a lucrative Day Care facility at 37-41 Mill St, generating a monthly rental income of $6000. The residential units include a spacious 3-bedroom, 1.5-bath apartment at $1360, two 2-bedroom units at 41 Mill St priced at $1110 and $1500, and a 2-bedroom unit on the third floor at $1050. All units feature separate utilities, with tenants responsible for water, heat, and electricity. The owner covers sewer payments, excluding the Day Care facility, which manages its own expenses. The sale includes the lot at 7 Elm St, utilized by the Day Care. Apartments are on a month-to-month basis, except for the Day Care, this property offers a stable income stream. According to the seller, the Day Care contributes to a portion of tax increases. Seize this golden opportunity for a sound investment with promising returns!
Location
State NJ
County Passaic
Zoning Commercial
Interior
Cooling Central Air, Wall A/C Unit(s)
Equipment Fire Alarm, Smoke Detector
Exterior
Exterior Feature Brick/Block, Vinyl Siding
Utilities Available Electric, Gas-Natural
Roof Type Flat
Building
Story 1
Water Public Water