196 Madison StPassaic City, NJ 07055

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

97

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.