Duplex in R3 Zoning
124 South Street Passaic, NJ 07055
124 South Street, Passaic, NJ, 07055
$450,000
For Sale
$450,000
Duplex offered for sale AS-IS, with buyer responsible for CCO, required smoke certifications, and any closing inspections or repairs.
Property Size1,657 SF
Price / SF$271.58
Days on Market28
Property Features for 124 South Street
General Information
- Standard status
- Active
- Size
- 1,657 SF
- Property subtype
- Multi Family / Duplex-Side by Side
Building Details
- Year Built
- 1930
Listing agency
COLDWELL BANKER REALTY
(973) 378-8300
Listed by
LUIS MIRANDA · License #287630
(973) 378-8300
Source
Compass
Added: Jun 24 Updated: Jul 21 at 5:06AM Checked: Jul 21 at 5:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This duplex is being sold strictly AS-IS. The buyer is responsible for obtaining the Certificate of Continued Occupancy (C.C.O.), completing any required smoke certifications, and handling all inspections or repairs needed to close.
The property is located at 124 South Street in Passaic, New Jersey, and it sits in an R3 zone. The R3 zoning may offer potential for future cash flow or alternative use, subject to municipal approvals.
Prospective buyers should complete their own due diligence regarding zoning, variances, and any required approvals before proceeding.
The property is located at 124 South Street in Passaic, New Jersey, and it sits in an R3 zone. The R3 zoning may offer potential for future cash flow or alternative use, subject to municipal approvals.
Prospective buyers should complete their own due diligence regarding zoning, variances, and any required approvals before proceeding.
Key Highlights
- Single‑family/duplex property sold strictly AS‑IS; buyer responsible for all required inspections and repairs to close
- Unfinished basement and aluminum siding exterior
- Asphalt shingle roof
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $42.4k | $25.56 |
| − Vacancy | −$2.7k | −$1.65 |
| EGI | $39.6k | $23.91 |
| − OpEx | −$11.9k | −$7.17 |
| NOI | $27.7k | $16.74 |
1,657 SF · lease $25.56/SF/yr · vacancy 6.46% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$396.2K
$346.7K – $462.2K
NOI $27,732 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$364.0K
$318.5K – $424.7K
NOI $25,481 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$432.7K
$378.6K – $504.8K
NOI $30,287 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Duplex offered for sale AS-IS, with buyer responsible for CCO, required smoke certifications, and any closing inspections or repairs.
Where is this duplex located?
The property is located at 124 South Street Passaic, NJ.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Single‑family/duplex property sold strictly AS‑IS; buyer responsible for all required inspections and repairs to close; Unfinished basement and aluminum siding exterior; Asphalt shingle roof
