---
title: "242-244 Main, Paterson, NJ 07505"
description: "242-244 Main, Paterson, NJ 07505 — NYC real estate listing on Real Estate Rebate Team. Priced at $1399000. Est. potential buyer savings up to $34,975 (subject to buyer-broker compensation received, lender approval, and applicable law)."
url: "https://realestaterebatesnewyork.com/buy/newjersey/paterson/07505/242-244-main-nj-07505"
source: "Real Estate Rebate Team"
---

# 242-244 Main, Paterson, NJ 07505

> **Listing Courtesy of:** Realty 7, LLC

## Description

Prime Investment Opportunity in the Heart of Downtown Paterson! This massive, six-story mixed-use building is perfectly situated on Main Street, the city’s busiest thoroughfare, offering unbeatable visibility and high foot traffic. The property features a prime ground-floor retail space (currently a mobile store) and five expansive residential units, each boasting approximately 1,800 sq. ft. of living space. With a current income of $119,400 and significant rental upside, this asset is a true "value-add" play; by converting units into 3-bedroom apartments—commanding up to $2,550 under Section 8—the potential gross income exceeds $200,000. Four apartments and the retail space have been updated, and the sixth floor remains vacant, ready for immediate optimization. The building is equipped with separate utilities (tenants pay heat, gas, and electric), a full basement for storage, and solid mechanicals. Don't miss the chance to acquire a high-yield asset in a premier location with exceptional growth potential.

## Property Details

- **Price**: $1399000
- **Potential Buyer Rebate**: $34,975
- **Bedrooms**: 0
- **Property Type**: Retail
- **Neighbourhood**: Paterson City
- **Area / Borough**: Paterson
- **Subdivision**: Paterson
- **Listing Office**: Realty 7, LLC
- **State**: NJ

## Estimated Potential Buyer Savings

Real Estate Rebate Team estimates potential buyer savings of up to **$34,975** at closing.

*Estimated by Real Estate Rebate Team. Subject to buyer-broker compensation received, lender approval, transaction terms, and applicable law. Not all listings qualify.*

## Related Links

- [Neighbourhood guide](https://realestaterebatesnewyork.com/neighborhoods//neighborhoods/nj/passaic/paterson-city)
- [Calculate your exact cash back and book a showing here](https://realestaterebatesnewyork.com/calculators/buyer-closing-cost-calculator)
- [Contact Regis Roumila for more details](https://realestaterebatesnewyork.com/contact)

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> This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available.