70 Passaic Street

Passaic, NJ 07055

$999,900
Price
12
Beds
6
Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

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...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 8% 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.
  1. Listed by MATTHEW GEVIRTZ • EXP REALTY, LLC
  2. Listed by NICOLA TRANI • EXP REALTY, LLC

Property Details for 70 Passaic Street

Directions
Head southeast on Main Ave, turn right on Monroe St, left on Passaic St to #70.
Days On Market
1
LISTING UPDATED: 10/28/2024 12:43 PM

Property Details for 70 Passaic Street

StatusActive
MLS #3931518
Days on Market4
Taxes$17,925 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family / 3-Three Story
Year Built-
Lot Size0.06 AC / 2,613 SF
CountyPassaic County

Building Information for 70 Passaic Street

Stories-Residences4Year Built-Building Size-Lot Size0.06 AC / 2,613 SF

Property Information for 70 Passaic Street

Summary
Location and General Information
  • Active Days on Market: 1
  • County #: Passaic
  • Town Name: Passaic City
  • Block Identifier: 1019
  • Listing Type: Exclusive Right to Sell
  • Town #: 2507.0
  • Street # Display: 70.0
  • # Parking Spaces: 0
  • County Or Parish: Passaic
  • Street Name: Passaic St
  • Zip Code: 07055-8336
  • Total Units: 4
Taxes and HOA Information
  • Assess Total Tax: *
  • Assess Amt Land Tax: *
  • Assess Amt Bldg Tax: *
  • Block ID Tax: *
  • Acres Tax: *
  • County Tax: *
  • Tax Amount: $17,925
  • Street name Tax: *
  • Zip Code Tax: *
  • Street # Tax: *
  • City Tax: *
  • Tax Amount Tax: *
  • Assessment Total: 447700.0
  • Tax ID For Property: 2507-01019-0000-00005-0000-
  • Tax Rate Amount: $4
  • Tax Rate Tax: *
  • Tax Rate Year: 2024
  • Tax Year: 2023
  • Tax Year Tax: *
  • Lot ID Tax: *
  • Lot Size Tax: *
Parking
  • Parking/Driveway Description: None
Property
Lot Information
  • Lot Identifier: 5
  • Approximate Lot Size: 25X100
  • Total Acres: 0.06
  • Construction Date/Year Built: 0
Property and Assessments
  • Assessment Bldg: 397800.0
  • Assessment Land: 49900.0
Utilities
  • Cooling: Window A/C(s)
  • Utilities: Gas-Natural
  • Water: Public Water
  • Heating: Baseboard - Hotwater
  • Fuel Type: Gas-Natural
  • Sewer: Public Sewer
Interior and Exterior Features
Exterior Features
  • Exterior Description: Brick/Block
Interior Features
  • Roof Description: Flat
  • Basement: Yes
  • Basement Description: Finished, Full
  • Easement: No
Multi Family
Unit 1 Information
  • Unit 1 Appl/Equip: See Remarks
  • Unit 1 Baths: 1.0
  • Unit 1 Bedrooms: 2
  • Unit 1 Fireplaces: 0.0
  • Unit 1 Handicap Modified: No
  • Unit 1 Levels: 1.0
  • Unit 1 Owner/Tenant Pays: Owner Pays Water, Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Heat
  • Unit 1 Rent: 0.0
  • Unit 1 Room Description: Bedrooms, Dining Room, Living Room
  • Unit 1 Rooms: 4.0
  • Unit 1 Security Deposit: 0.0
  • Unit 1 Sq Ft: 0.0
Unit 2 Information
  • Unit 2 Appl/Equip: See Remarks
  • Unit 2 Baths: 1.0
  • Unit 2 Bedrooms: 2
  • Unit 2 Fireplaces: 0.0
  • Unit 2 Handicap Modified: No
  • Unit 2 Levels: 1.0
  • Unit 2 Owner/Tenant Pays: Owner Pays Water, Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Heat
  • Unit 2 Rent: 0.0
  • Unit 2 Room Description: Bedrooms, Dining Room, Living Room
  • Unit 2 Rooms: 4.0
  • Unit 2 Security Deposit: 0.0
  • Unit 2 Sq Ft: 0.0
Unit 3 Information
  • Unit 3 Appl/Equip: See Remarks
  • Unit 3 Baths: 1.0
  • Unit 3 Bedrooms: 2
  • Unit 3 Fireplaces: 0.0
  • Unit 3 Handicap Modified: No
  • Unit 3 Levels: 1.0
  • Unit 3 Owner/Tenant Pays: Owner Pays Water, Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Heat
  • Unit 3 Rent: 0.0
  • Unit 3 Room Description: Bedrooms, Dining Room, Living Room
  • Unit 3 Rooms: 4.0
  • Unit 3 Security Deposit: 0.0
  • Unit 3 Sq Ft: 0.0
Unit 4 Information
  • Unit 4 Appl/Equip: See Remarks
  • Unit 4 Baths: 1.0
  • Unit 4 Bedrooms: 2
  • Unit 4 Fireplaces: 0.0
  • Unit 4 Handicap Modified: No
  • Unit 4 Levels: 1.0
  • Unit 4 Owner/Tenant Pays: Owner Pays Water, Tenant Pays Electric, Tenant Pays Gas, Tenant Pays Heat
  • Unit 4 Rent: 0.0
  • Unit 4 Room Description: Bedrooms, Dining Room, Living Room
  • Unit 4 Rooms: 4.0
  • Unit 4 Security Deposit: 0.0
  • Unit 4 Sq Ft: 0.0
Multi-Family Information
  • Unit Style: 3-Three Story
Income & Expenses Information
  • Total Operating Expense: $24,500.00
  • Net Operating Income: $.00
  • Gross Operating Income: $100,128.00

Property History for 70 Passaic Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 70 Passaic Street

Taxable ValueLand$49,900Additions$397,800Total$447,700
Tax Record2023$17,926 ($1,494 / month)
Home Facts
Stories3Lot Size2,500 SqFtStyleMulti-Family Res (5+ Units)ZoningR-3CountyPASSAICAPN07 01019-0000-00005

Schools near 70 Passaic Street

This home is within Passaic City Public School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - K to 8
Public - 9 to 12
Public - K to 1
Rating
School
Distance
Number 8, Pulaski Elementary School
PublicK to 6

School No. 5
PublicK to 8

Passaic High School
Public9 to 12

George Washington School No. 2
PublicK to 1

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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70 Passaic Street is a multi-family home for sale in Passaic, NJ 07055. This property was listed for sale on October 28, 2024 by EXP REALTY, LLC, it's currently listed at $999,900. It has been on the market for a total of 4 days and was last sold on October 1, 2014. This listing's school district is Passaic City Public School District. Nearby schools include Number 8, Pulaski Elementary School, School No. 5 and Passaic High School. 70 Passaic Street is a 12-bed, 6-bath, multi-family home.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of EXP REALTY, LLC, MATTHEW GEVIRTZ; EXP REALTY, LLC, NICOLA TRANI

The data relating to the real estate for sale on this website comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than (insert office name) aremarked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website. All information deemed reliable but not guaranteed. Last date updated: 10/31/2024 09:28 PM. Source: New Jersey Multiple Listing Service, Inc. © 2024 New Jersey Multiple Listing Service, Inc. All rights. The data relating to the real estate for sale and sold listing information on this website comes from the New Jersey Multiple Listing Service, Inc. Virtual Office Website (VOW) program. This website may not include listings or property addresses of sellers who have directed their listing brokers to withhold their listing or their property address from display on the Internet. Sold listings may have been listed and/or sold by a real estate brokerage other than (insert office name). All information deemed reliable but not guaranteed. NLMLS makes no representation or warranty regarding the accuracy of the data. This data and information is protected under federal copyright laws which prohibit the unauthorized copying or alternation of all or any part of copyrighted materials, including certain compilations of data and information. Copyright violators may be subject to severe fines and penalties under federal law. Source: New Jersey Multiple Listing Service Inc. Last date updated: 10/31/2024 09:28 PM © 2024 New Jersey Multiple Listing Service Inc. All rights reserved.