355 Madison 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
Square Footage 2,901 sqft
Price per Sqft $396
MLS Listing ID 3993612
Year Built 1900
Annual Tax Amount $14,356
Tax Year 2024
Lot Size 3,049 Sqft
Property Description
355 Madison Street in Passaic, NJ presents a turn-key 6-unit multifamily investment opportunity. The property is fully occupied with a mix of market and Section 8 tenants, generating $110,717 in annual gross income and a 7.57% cap rate at the current asking price of $1,150,000.There are two 2-bed/1-bath layout and four 3-bed/1-bath layout, providing consistent tenant demand in this market. The building is well-maintained with a valid Green Card and has landlord-paid water and minimal utility expenses. Operating costs remain low at just $23,617 annually, producing a healthy $87,100 NOI.Beyond current performance, the property offers strong long-term upside. The five-year projection (without rent increases beyond standard adjustments) reflects NOI growth toward $95,000+. Additional value can be unlocked through future rent increases to market rate as leases turn.Located near schools, shopping, and NJ Transit, 355 Madison provides both stability and growth potential ? an attractive acquisition for investors seeking steady returns in Northern New Jersey?s competitive multifamily sector.
Location
State NJ
County Passaic
Zoning r3
Rooms
Basement Unfinished
Interior
Heating Gas-Natural
Cooling Window A/C(s)
Equipment See Remarks
Heat Source Gas-Natural
Exterior
Exterior Feature Vinyl Siding, Wood
Utilities Available Electric, Gas-Natural, See Remarks
Roof Type Flat
Building
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple