$999,900
70 Passaic St Passaic City, NJ 07055
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$999,900
Est. payment /mo
2,613 Sqft Lot
Under Contract
70 Passaic St Passaic City, NJ 07055
UPDATED:
11/12/2024 01:18 PM
Key Details
Property Type Multi-Family
Listing Status Under Contract
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.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
Building
Story 3
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple
Information deemed reliable but not guaranteed. Copyright © 2024 Garden State Multiple Listing Service, L.L.C. All rights reserved.
Listed by EXP REALTY, LLC
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