NJ > Passaic City
Passaic City, NJ 07055,355 Madison St
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Found It Team

Found It Team

+1(800) 790-7576
$1,150,000
Est. payment /mo
2,901 SqFt
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UPDATED:

Key Details

Property Type Multi-Family, Condo

Listing Status Active

Purchase Type For Sale

Square Footage 2,901 sqft

Price per Sqft $396

MLS Listing ID 3993612

Year Built 1900

Annual Tax Amount $14,356

Tax Year 2024

Lot Size 3,049 Sqft

Property Description

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.

Location

State NJ

County Passaic

Zoning r3

Rooms

Basement Unfinished

Interior

Heating Gas-Natural

Cooling Window A/C(s)

Equipment See Remarks

Heat Source Gas-Natural

Exterior

Exterior Feature Vinyl Siding, Wood

Utilities Available Electric, Gas-Natural, See Remarks

Roof Type Flat

Building

Sewer Public Sewer

Water Public Water

Others

Ownership Fee Simple

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Garden State MLS(GSMLS)
Information deemed reliable but not guaranteed. Copyright © 2025 Garden State Multiple Listing Service, L.L.C. All rights reserved.
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355 Madison St

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