$850,000
Est. payment /mo
4,791 Sqft Lot
New
196 Madison St Passaic City, NJ 07055
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Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 4035520
Year Built 1930
Annual Tax Amount $14,903
Tax Year 2025
Lot Size 4,791 Sqft
Property 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.
Location
State NJ
County Passaic
Zoning R-3
Rooms
Basement Full, Unfinished
Interior
Heating Gas-Natural
Cooling 3 Units
Equipment Fire Alarm, Security System
Heat Source Gas-Natural
Exterior
Exterior Feature Vinyl Siding
Utilities Available Electric, Gas-Natural
Roof Type Asphalt Shingle
Building
Lot Description Corner
Story 3
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple
Information deemed reliable but not guaranteed. Copyright © 2026 Garden State Multiple Listing Service, L.L.C. All rights reserved.
Listed by COREY J SCHNEIDER
NEARBY SCHOOL & BUSINESS
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