116 Belmont Ave
Paterson City, NJ 07522
Price: $780,000
GSMLS: 3969680Type: Multi-Family
Style: 3-Three Story
Total Units: 3
Beds: 9
Baths: 3 Full & 1 Half
Garage: No
Year Built: 1950
Acres: 0.10
Property Tax: $14,291
Description
This was a mixed-use property with a laundromat business operating on the first floor, but the previous owner removed all of the equipment. Gas, electric, water, security system, and drainage connections have been installed, with capacity for up to 20 washers and 20 dryers. A new central A/C and heating system has also been installed on the first floor.The building also features two recently renovated apartments on the second and third floors (see details in the unit information section). The driveway, siding, and roof are all brand new.You have to see this property in person to truly appreciate the many recent improvements.Due to the first-floor vacancy, the previous buyers were unable to secure financing. As a result, the seller is only accepting cash offers with proof of funds. Conventional financing may be considered with at least a 50% down payment and a pre-approval letter. Buyers should check with their lender before moving forward. "BETTER SAFE THAN SORRY" This property represents an outstanding investment opportunity with significant income potential.
General Info
Style:
3-Three Story
SqFt Building:
n/a
Total Rooms:
16
Basement:
Yes - Full
Interior:
Carbon Monoxide Detector, Fire Extinguisher, Security System, See Remarks, Smoke Detector
Roof:
Asphalt Shingle
Exterior:
Brick, Vinyl Siding
Lot Size:
45X100
Lot Desc:
Level Lot
Parking
Garage Capacity:
No
Description:
None
Parking:
Blacktop
Spaces Available:
6
Unit 1
Bedrooms:
n/a
Bathrooms:
1
Total Rooms:
3
Room Description:
See Remarks
Levels:
1
Square Foot:
n/a
Fireplaces:
n/a
Appliances:
Carbon Monoxide Detector, Fire Alarm System, Security System, Smoke Detector
Utilities:
Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Heat, Tenant Pays Water
Handicap:
No
Unit 2
Bedrooms:
5
Bathrooms:
1
Total Rooms:
7
Room Description:
Bedrooms, Eat-In Kitchen, Living Room, Pantry, Utility Room
Levels:
2
Square Foot:
n/a
Fireplaces:
n/a
Appliances:
Carbon Monoxide Detector, Range/Oven - Gas, Refrigerator, Smoke Detector
Utilities:
Owner Pays Water, Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Heat
Handicap:
No
Unit 3
Bedrooms:
4
Bathrooms:
1
Total Rooms:
6
Room Description:
Bedrooms, Eat-In Kitchen, Kitchen, Living/Dining Room
Levels:
3
Square Foot:
n/a
Fireplaces:
n/a
Appliances:
Carbon Monoxide Detector, Range/Oven - Gas, Refrigerator, Smoke Detector
Utilities:
Owner Pays Water, Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Heat
Handicap:
No
Unit 4
Bedrooms:
n/a
Bathrooms:
n/a
Total Rooms:
n/a
Room Description:
n/a
Levels:
n/a
Square Foot:
n/a
Fireplaces:
n/a
Appliances:
n/a
Utilities:
n/a
Handicap:
n/a
Utilities
Heating:
3 Units, Radiators - Hot Water
Heating Fuel:
Electric, Gas-Natural
Cooling:
Central Air, Window A/C(s)
Water Heater:
Electric, Gas
Water:
Public Water
Sewer:
Public Sewer
Utilities:
Electric
Services:
n/a
School Information
Elementary:
n/a
Middle:
n/a
High School:
n/a
Community Information
County:
Passaic
Town:
Paterson City
Neighborhood:
n/a
Financial Considerations
List Price:
$780,000
Tax Amount:
$14,291
Land Assessment:
$67,500
Build. Assessment:
$213,000
Total Assessment:
$280,500
Tax Rate:
5.10
Tax Year:
2024
Listing Information
MLS ID:
3969680
List Date:
06-16-2025
Days On Market:
383
Listing Broker:
PROMISE LAND REALTY
Listing Agent:
Guido Barrantes
Request More Information
Shawn and Diane Fox
RE/MAX American Dream
3108 Route 10 West
Denville, NJ 07834
Call: (973) 277-7853
Web: MountainClubNJ.com
