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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.

Features

Heating System : Baseboard - Hotwater
Cooling System : Window A/c(s)
Basement : Full, Finished
Roof Deck : Flat
Parking Description: None
Tax Assessed Valuation: 447700
Sewer: Public Sewer
Water: Public Water

Appliances

Utilities: Gas-Natural

Additional Info

Office Name: EXP REALTY, LLC
Office MLS ID: 5028
Agent ID: 293333
Tax: 17925
Tax Year: 2023
Application Fee: $0

Multi-Family For Sale

For Sale

$1,199,900

70 Passaic St, Passaic City, *

25 Acre
12

Details

Property Type: Multi-Family
Listing Type: For Sale
Listing ID: 5313195
Price: $1,199,900
Bedrooms: 12
Bathrooms: 0
Half Bathrooms: 0
Square Footage: 0 Sqft
Year Built: 0
Lot Area: 25 Acre
Status: Active
Days On Market: 23

Contact Agent

Email:

wp@applicationx.net

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Map

Address Map

Country US
County Passaic
City Passaic City
Zipcode *
Street: Passaic St
Street Number: 70
Street Direction: Head southeast on Main Ave, turn right on Monroe S
Floor Number: 0
Longitude: W75° 53' 23.6''
Latitude: N40° 51' 45.7''
Internet Display Address: No