Passaic, NJ 07055,355 MADISON ST
$1,050,000
$1,150,000
8.7%
Est.Price: ?

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355 MADISON ST Passaic, NJ 07055

Est. payment /mo
SOLD DATE : 01/08/2026

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Key Details

Sold Price $1,050,000

Property Type Commercial

Sub Type Investment

Listing Status Sold

Purchase Type For Sale

MLS Listing ID 250021746

Annual Tax Amount $14,356

Property Sub-Type Investment

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

Area Passaic

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Bought with REAL

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Hardik Shah

Hardik Shah

Agent | License ID: 1538159

+1(201) 936-2225

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