$4,738 Closing Credit¹
#25000707, Justin Fallas, Listing Office: EXP Realty, LLC
$425,000 List price
127-131 N 5th St Paterson City, NJ 07522
$5,047
Closing credit¹
4 beds
2 full
1,800 sqft
0.2 acres
$236 / sqft
House
Property details
About 127-131 N 5th St
PRIME INVESTMENT OPPORTUNITY!! This 4-bedroom, 2-bath single-family home sits on a spacious 75x100 lot in Paterson's 1st Ward Redevelopment Zone, offering exceptional redevelopment potential. Investors and developers can fix and flip, convert to multi-family or mixed-use, subdivide or explore all of the above while taking advantage of development incentives, tax credits, and grants available for residential projects. With streamlined approvals, zoning flexibility, and funding opportunities, this property is ideal for 203k buyers, developers, and investors looking to capitalize on Paterson's ongoing revitalization and strong rental demand. Nearby infrastructure improvements, the Great Falls Lofts Project, and public-private partnerships further enhance long-term appreciation potential. Recent renovations to the home have been completed, but the house is being sold as-is, with the buyer responsible for obtaining the Certificate of Occupancy and fire certifications. Conveniently located near Downtown Paterson, major highways, and public transit, this property offers unmatched accessibility in a rapidly growing market. FHA 203K / Cash / Hard Money Financing Only
Highlights
Home typeSingle Family Residence
HeatingNatural Gas
StatusActive
Size1,800 sqft
BasementYes
Lot size0.17 Acres
Year built1900
ParkingNone, On-Street Parking, None, On-Street Parking
MLS #3946176
FireplaceSee Remarks
Summary
- MLS Number: 3946176
- Office Name: COMPASS NEW JERSEY LLC
- Office Phone: (551) 200-7590
Information deemed reliable but not guaranteed. Copyright © 2025 Garden State Multiple Listing Service, L.L.C. All rights reserved.
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Last updated on: 2/22/2025, 2:20:48 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$425,000
127-131 N 5th St
$5,047
closing credit¹
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Seller rebate
0.5% sale price²
Price information
Property sales
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Tax history
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Nearby schools
5
School 5
Public District KG-5
0.5 mi
•430 Totowa Ave
5
School 19
Public District KG-4
0.7 mi
•31 James St
1
Edward W. Kilpatrick
Public District PK-3
0.9 mi
•295-315 Ellison St
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $38,649. Residents of Paterson City, NJ typically earn less than $<35k each year. Residents typically live in single, with kids family. The majority of residents in this area have high school diploma education.
How much money do the neighbors make?
46%
<35k
42%
35k-100k
7%
100k-200k
5%
200k+
What level of education do the neighbors have?
High School Diploma
Post Secondary Degree
What types of families live nearby?
33%
Single, No Kids
41%
Single, with Kids
11%
Married, No Kids
15%
Married, with Kids
Are the neighbors home owners or renters?
Home Owners
Renters
How old are people in this area?
22%
<11 yrs old
13%
12-17 yrs old
27%
18-34 yrs old
33%
35-64 yrs old
5%
65+ yrs old
What do the neighbors do for fun?
Mexican League Soccer
Pro Boxing
Major League Soccer (MLS)
Where do the neighbors shop?
Ross Dress For Less
Foot Locker
Burlington
Where do the neighbors go to eat?
Jack In The Box
Little Caesars
White Castle
What do the neighbors drive?
Nissan
Dodge
Kia
What do the neighbors listen to?
Rhythmic Contemporary Hits
Urban Adult Contemporary
All data provided by Home Junction and Claritas
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Frequently asked questions
About 127-131 N 5th St
This home is located at 127-131 N 5th St in Paterson City, NJ and zip code 07522 in the Northside neighborhood. This 1,800 square foot home, which was built in 1900, sits on a 0.17 acre lot. Features: 4 bedrooms, 2 bathrooms. It has been listed on Rocket Homes since February 16, 2025 and is currently priced at $425,000.
The inventory of homes for sale in Paterson City, NJ between December and January 2025 increased by 7%. Listings spent 85 days on the market in January 2025, and had a median list price of $468,258 during the same period.
From Rocket Homes Real Estate and based on county public records data.