Turnkey Rooming House Income
For Sale
$850,000
196 Madison St, Passaic, NJ 07055
Turnkey, NJDCA-licensed rooming house with renovated systems and a mix of private one-bed units and rent rooms.
Property SizeContact for details
Days on Market51
Property Features for 196 Madison St
General Information
Standard status
Active
Property subtype
Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$14,903
Building Details
Year Built
1930
Year Renovated
2020
Stories
3
Units
11
Listing Agency:
Corey J Schneider
(973) 472-3909
Listed By:
RIGOBERTO SANCHEZ
Source:
Elliman
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 10 at 5:57AM
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 Corey J Schneider
Investment Insights
Based on property information with market context.
This fully renovated income property is licensed by the New Jersey Department of Community Affairs (NJDCA) as a rooming house. The building includes two one-bedroom apartments, each with its own bathroom and kitchen, plus nine rent rooms. The rent rooms share two bathrooms and a dedicated kitchenette area with a sink, countertop, and microwave. Improvements were completed through a top-to-bottom, down-to-the-studs renovation in 2020, totaling $500,000+ and including new heating, electrical, and plumbing systems, along with a new roof, windows, siding, flooring, and structural stairs. A full, unfinished basement provides space for upgraded utilities and offers storage for ongoing maintenance.
Located in Passaic, the property is described as very walkable with walkScore of 74 and somewhat bikeable with bikeScore of 46. The transitScore is listed as 44, indicating moderate access to transit.
For buyers seeking a stabilized, turn-key residential income asset, the combination of NJDCA licensing and the comprehensive 2020 capital improvements may support streamlined operations. The layout accommodates both private 1-bedroom living arrangements and shared-bath rent rooms, with a dedicated kitchenette area for the rooming configuration. An unfinished basement also supports practical maintenance and storage needs.
Located in Passaic, the property is described as very walkable with walkScore of 74 and somewhat bikeable with bikeScore of 46. The transitScore is listed as 44, indicating moderate access to transit.
For buyers seeking a stabilized, turn-key residential income asset, the combination of NJDCA licensing and the comprehensive 2020 capital improvements may support streamlined operations. The layout accommodates both private 1-bedroom living arrangements and shared-bath rent rooms, with a dedicated kitchenette area for the rooming configuration. An unfinished basement also supports practical maintenance and storage needs.
Key Highlights
- NJDCA‑licensed rooming house in Passaic with 2 one‑bedroom apartments plus 9 rent rooms
- Top‑to‑bottom $500,000+ renovation completed in 2020, including new heating, electrical, and plumbing systems
- 2020 updates also included new roof, windows, siding, flooring, and structural stairs
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,411
Businesses Nearby
Explore this area
Business Placement
Demographics for 07055, NJ
70,518
Population
21,019
Households
3.4
Avg Household Size
32
Median Age
17%
College-Educated
67%
High-School Grad
3.1 sq mi
ZIP Area
22,748
Density / Sq Mi
$56,780
Median Household Income
$30,935
Median Earnings
$1,392
Median Rent
$406,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey, NJDCA-licensed rooming house with renovated systems and a mix of private one-bed units and rent rooms.
Where is this apartment building located?
The property is located at 196 Madison St Passaic, NJ.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: NJDCA‑licensed rooming house in Passaic with 2 one‑bedroom apartments plus 9 rent rooms; Top‑to‑bottom $500,000+ renovation completed in 2020, including new heating, electrical, and plumbing systems; 2020 updates also included new roof, windows, siding, flooring, and structural stairs
