$1,199,900
70 Passaic Street Passaic, NJ 07055
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Listed by Matthew Gevirtz • EXP Realty, LLC • (973) 250-9974
$1,199,900
Est. payment /mo
Price Dropped by $100K
70 Passaic Street Passaic, NJ 07055
UPDATED:
10/11/2024 08:34 PM
Key Details
Property Type Multi-Family
Sub Type 5+Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 24029934
Style 5+Family
Annual Tax Amount $17,925
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. 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.
Location
State NJ
County Passaic
Area Passaic
Exterior
Utilities Available Gas, Munincipal Water, Sewer
Roof Type Flat
Building
Architectural Style 5-25
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