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$ 1,425,000
Est. payment | /mo
6,000 SqFt
$ 1,425,000
Est. payment | /mo
6,000 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,000 sqft
Price per Sqft $237
MLS Listing ID 3970163
Year Built 1950
Annual Tax Amount $11,280
Tax Year 2024
Lot Size 2,613 Sqft
Property Description
Excellent investment opportunity in the growing city of Passaic, NJ. This fully renovated (2021) 6-unit residential building offers strong cash flow with an attractive 8% cap rate. Each unit features two spacious bedrooms and one bathroom, making it highly desirable to renters in this high-demand market. The property has been updated with modern finishes and systems, providing a turnkey solution for investors seeking reliable income with minimal maintenance concerns.The building also includes a partially finished basement that offers additional storage or potential for added amenities, along with a detached one-car garage. Located in a thriving and convenient area of Passaic City, tenants enjoy easy access to public transportation, shopping, schools, and local employers. With limited multifamily inventory in the area and growing rental demand, this asset presents a rare chance to own a stabilized, income-producing property in a rapidly developing market. Ideal for both seasoned investors and those entering the multifamily space, this is a well-maintained, cash-flowing building with long-term upside.
Location
State NJ
County Passaic
Zoning R3
Rooms
Basement Bilco-Style Door, Finished-Partially, Full, Walkout
Interior
Heating Electric, Gas-Natural
Cooling 4+ Units
Flooring Tile, Vinyl-Linoleum, Wood
Equipment Appliances, Fixtures, Smoke Detector
Heat Source Electric, Gas-Natural
Exterior
Exterior Feature Brick/Block, Vinyl Siding
Utilities Available Electric, Gas-Natural
Roof Type Flat
Building
Story 3
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple
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Listed by SIGNATURE REALTY NJ