355 Madison St, Passaic City, NJ 07055
sale
$1,150,000
|
Other
Courtesy Of Real Broker LLC
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.
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Property Features
- Age: Over 50 Years Old
- Architecture Style: Other
- Building Units: 6
- Exterior Type: Vinyl Siding
- Heating System: Baseboard
- Heating System: Hot Water (Heating)
- MLSID: 3993612
- Roof Type: Flat
- Rooms: Basement
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