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70 Passaic St, Passaic, NJ 07055
$1,299,900 Just Listed
70 Passaic St, Passaic, NJ 07055View this property at 70 Passaic St, Passaic, NJ 07055
70 Passaic StPassaicNJ07055
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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.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.
Full Property Details
Full Property Details for 70 Passaic St
General
- Price: $1,299,900
- Taxes: $17,925 (2023)
- Status: Active
- Type: Apartment
- Source: Garden_State
- MLS ID: 3924256
- Updated: 9/16/2024
- Added to Site: 4 day(s) ago
Business
- Includes: Building & Land
Rooms
Bathrooms
- Total Bathrooms: 6
- Restrooms: 6
Additional Information
- Equipment: See Remarks
Parking
- Parking: See Remarks
Location
- County: Passaic
- Driving Directions: head southeast on Main Ave, turn right on Monroe St, left on Passaic St to #70.
- Location Details: Residential Area
Heating & Cooling
- Cooling Type: No Cool, See Remarks
- Heating Type: Baseboard - Hotwater
- Heating Fuel: Natural Gas
Utilities
- Sewer: Public Sewer
- Water: Public Water
- Utility Description: Natural Gas
Structural Information
- Construction: Brick/Block
- Exterior Const.: Brick/Block
- Basement: Yes
- Basement Desc.: Finished, Full
- Roof: Flat
- Stories in Building: 3
Unit Information
- 2 Bedroom Units: 6
- Units w/Full Bath: 6
Lot Features
- Lot Size (Acres): 0.06
- Lot Size: 25X100
- Zoning: R-3
Financial Considerations
- Operating Expenses: $24,500
- Assessment Amount: $447,700
- Land Assmt: $49,900
- Tax Amount: $17,925
- Tax Year: 2023
- Pays Utilities: Tenant
Disclosures and Reports
- Ownership: Fee Simple
- Documents Avail.: See Remarks
- Disclosures: Yes
- APN: 2507-01019-0000-00005-0000-
- Block: 1019
- Lot Number: 5
Listed by Exp Realty, Llc
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Schools
Schools serving 70 Passaic St
School District:Passaic City Schools
Rating | Name | Grades | Distance |
---|---|---|---|
170 Paulison Ave, Passaic, NJ 07055 | 9-12 | 1 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 70 Passaic St
Date
Details
Price
Change
Source
9/16/2024
Listed
$1,299,900
188.87%
MLS
10/01/2014
Sold
$450,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 70 Passaic St
Year
Property Taxes
Change
Tax Assessment
Change
2022
$17,389
3%
$447,700
—
2021
$16,834
1%
$447,700
—
2020
$16,704
4%
$447,700
—
2018
$16,108
3%
$447,700
—
2017
$15,611
4%
$447,700
—
2016
$15,079
-8%
$447,700
—
2019
$16,462
36%
$447,700
179%
2015
$12,147
2%
$160,400
—
2014
$11,924
—
$160,400
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 70 Passaic St
70 Passaic St, Passaic, NJ 07055 (MLS# 3924256) is a Apartment property. 70 Passaic St is currently listed for $1,299,900 and was received on September 16, 2024. Want to learn more about 70 Passaic St? Do you have questions about finding other Apartment real estate for sale in Passaic? You can browse all Passaic real estate or contact a Coldwell Banker agent to request more information.