70 Passaic St new Save Request In-Person Tour Request Virtual Tour
Passaic City,NJ 07055
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 3931519
Annual Tax Amount $17,925
Tax Year 2023
Lot Size 2,613 Sqft
Property Description
Welcome to this well-maintained 6-unit multifamily building, an outstanding investment opportunity in a prime location. The property features two units on each of the three floors, with each unit offering 2 bedrooms, 1 bathroom, a living room, and an eat-in kitchen. All units have separate utilities and natural gas heating, making management straightforward. The basement adds value with a shared laundry room and a bonus studio apartment complete with a full bathroom and kitchen.This property is currently generating a total annual rental income of $100,128 and is being offered at a 6% cap rate, with rents currently below market value, providing an excellent opportunity for increased revenue. The rent roll includes: Apt 1 - $1,313, Apt 2 - $1,570, Apt 3 - $1,450, Apt 4 - $1,241, Apt 5 - $1,493, Apt 6 - $1,277. Annual expenses include approximately $6,500 for insurance and $18,000 for property taxes.Tenants can also enjoy the backyard, which features a storage shed and a small outdoor space. The building is located in a no-flood zone and offers easy access to major highways and public transportation, making it an attractive option for tenants. This multifamily property is a solid investment with great upside potential.
Location
State NJ
County Passaic
Zoning R-3
Rooms
Basement Finished, Full
Interior
Heating Gas-Natural
Cooling No Cool, See Remarks
Equipment See Remarks
Heat Source Gas-Natural
Exterior
Exterior Feature Brick/Block
Utilities Available Gas-Natural
Roof Type Flat
Parking Type See Remarks
Building
Story 3
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple