new - 4 days on rocket

70 Passaic St, Passaic City, NJ, 07055

$1,299,900

Home List Price

$10,000*

Closing Credit

12 Bedrooms
6 Full Baths
Multi

Location

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70 Passaic St, Passaic$1,299,900

Buyer Closing Credits

$10,000*

1.25% Loan Amount

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Property Highlights

Home TypeMulti Family
ParkingNone
HeatingNatural Gas
BasementYes
MLS #3924303
Lot Size0.06 Acres
StatusActive

About 70 Passaic St

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.

Property Details

Property Features

Property Information:

  • Architectural Style: 3-Three Story

Listing Office:

  • Office Name: EXP REALTY, LLC
  • Office Phone: (973) 250-9974

Interior Features

Interior Information:

  • Appliances: Other
  • Basement: Yes

Bedroom and Bathroom Information:

  • Full Bathrooms: 6
  • Total Bedroom Count: 12

Exterior Features

Parking Information:

  • Parking: None

Lot Features

Lot Information:

  • Lot Size: 0.06 Acres

Utilities

Utilities Information:

  • Heating: Natural Gas

School Info

Assigned Schools Information:

  • Passaic High School # 12, Public District Grades 9-12
  • Etta Gero School # 9, Public District Grades 4-6
  • School # 5, Public District Grades 3-5

Other

Directions Information:

  • Directions: Head southeast on Main Ave, turn right on Monroe St, left on Passaic St to #70.

Price Information

Listing Price Info

Price Summary:

  • List Price: $1,299,900
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Housing Market Comparison

See how this home compares to others in Passaic, NJ.

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Passaic, NJ

City

Med. List Price

$499.9K

Med. Price/SqFt

$305

Avg. Days On Market

107

# of Sold Homes

5

70 Passaic St vs Passaic

4 DAYS ON ROCKET

-103 Days

$1,299,900

+$799.9K More

KEY TAKEAWAY

This property is $799.9K more than the Median List Price in Passaic, NJ.

Based on homes listed in the last 12 months

MLS Details

MLS Information:

  • MLS Number: #3924303

Listing Office:

  • Office Name: EXP REALTY, LLC
  • Office Phone: (973) 250-9974

Information deemed reliable but not guaranteed. Copyright © 2024 Garden State Multiple Listing Service, L.L.C. All rights reserved.

Disclaimer: The data relating to real estate for sale on this website comes in part from the IDX Program of Garden State Multiple Listing Service, L.L.C. Real estate listings held by other brokerage firms are marked as an IDX Listing. Information deemed reliable but not guaranteed.

Notice: The dissemination of listings displayed herein does not constitute the consent required by N.J.A.C. 11:5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker.

The information on this web site is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. We are not responsible or liable for misinformation, misprints, or typographical errors. All information provided is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Properties subject to prior sale, change, withdrawal or rental.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 9/20/2024, 11:20:47 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

Property Sales & Tax

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Payment Calculator

$6,555

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$3,964

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Schools

Schools Nearby

The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.

Elementary School

school-card-donut-176076
3
/10

  • School # 5

  • 168 Monroe St

  • 0.64 miles

  • Public District Grades 3-5

Middle School

school-card-donut-176077
3
/10

  • Etta Gero School # 9

  • 140 1st St

  • 0.46 miles

  • Public District Grades 4-6

High School

school-card-donut-176078
1
/10

  • Passaic High School # 12

  • 170 Paulison Ave

  • 1.01 miles

  • Public District Grades 9-12

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $31,850. The most common annual income of people living in Passaic, NJ is less than $35k. The majority of families are single, no kids. The majority of residents in this area have high school diploma education.

All data provided by Home Junction and Claritas

Rocket Homes›New Jersey›Passaic County›Passaic›07055›70 Passaic St

This home is located at 70 Passaic St in Passaic City, NJ and zip code 07055. This home sits on a 0.06 acre lot. Features: 12 bedrooms, 6 bathrooms. It has been listed on Rocket Homes since September 16, 2024 and is currently priced at $1,299,900.

The number of homes for sale in Passaic, NJ increased by 32.7% between July 2024 and August 2024. Listings spent 107 days on the market in August 2024, and had a median list price of $499,999 during the same period.

From Rocket Homes Real Estate and based on county public records data.

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