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196 Madison StPassaic City, NJ 07055

Passaic County

$850,000List price
2,526Sq Ft
1930Year built
0.11Acre lot
3Stories
3 months agoOn market

Description

An exceptional, turnkey cash-flow opportunity in the heart of Passaic, this building consists of two one-bedroom apartments and 9 - rent rooms. It is fully licensed by the New Jersey Department of Community Affairs (NJDCA) as a rooming house, offering an investor immediate scale in a high-demand rental market.The asset was completely stabilized during a massive, top-to-bottom $500,000+ total renovation in 2020. This down-to-the-studs modernization encompassed all-new heating, electrical, and plumbing systems, alongside a new roof, windows, siding, flooring, and structural stairs. This entirely updated infrastructure ensures strict regulatory compliance while significantly lowering projected capital expenditures and operational maintenance for years to come.The two one-bedroom apartments have their own bathrooms and kitchens. The nine rent rooms share two bathrooms and a dedicated kitchenette area featuring a sink, countertop, and microwave. A full, unfinished basement houses the upgraded utilities and provides ample space for maintenance storage.Licensed rooming houses of this caliber and pristine physical condition are rarely available in the North Jersey market. With the heavy lifting of the renovation already complete, the next owner can focus entirely on optimizing the asset's substantial revenue potential.

Property Information

Property type
Commercial Sale
Sub-type
Multi Family
Year built
1930
Stories
3
Building area
2,526 Sq Ft
Lot size
0.11 acres
Ownership
Fee Simple
Days on market
109
MLS® Listing#
4035520

Property Features

Heating
Natural Gas
Basement
Full · Unfinished
Parking
On Street
Lot features
Corner Lot
Construction
Vinyl Siding · Wood Siding
Roof
Asphalt
Security
Security System · Smoke Detector(s)
Utilities
Cable Available · Natural Gas Available
Sewer
Public Sewer
Water source
Public

Financial Details

Annual taxes
$14,903Tax year 2025
Assessed value
$350,000
Parcel number
2507-04123-0000-00045-0000-

Directions

Main Ave to Lexington to Madison. NE corner of Hoover and Madison.

Listing Courtesy: COREY J SCHNEIDER - 9734723909

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