196 Madison St, Passaic, NJ 07055

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.