Mixed-Use Redevelopment
For Sale
$2,500,000
285 Monroe St, Passaic, NJ 07055
Mixed-use redevelopment property on Monroe Street in Passaic, designed for repositioning with interim income potential.
Property Size6,708 SF
Days on Market119
Property Features for 285 Monroe St
General Information
Standard status
Active
Size
6,708 SF
Zoning
C-R
Taxes and HOA fees
Annual Taxes
$10,713
Amenities
Window Unit(s)
Natural Gas
Building Details
Building Size
6,708 SF
Year Built
1925
Listing Agency:
PRESTIGE PROPERTY GROUP MONTCLAIR
Listed By:
JOSEPH AZIZ · License #293956
(201) 708-5067
Source:
Evrealestate
Added: May 10
Changed: Aug 31
Last Checked: Sep 4 at 4:12AM
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 PRESTIGE PROPERTY GROUP MONTCLAIR
Investment Insights
Based on property information with market context.
281–285 Monroe Street is a mixed-use property offered for sale as a value-add redevelopment opportunity. The existing configuration supports interim income potential while the primary value is driven by the site’s land position and redevelopment potential supported by local zoning.
The property is situated along the active Monroe Street corridor within an area that includes residential buildings, neighborhood retail, and established commercial activity. This setting offers day-to-day retail presence and connections to major transportation routes, supporting access to Northern New Jersey employment centers and New York City.
The property is situated along the active Monroe Street corridor within an area that includes residential buildings, neighborhood retail, and established commercial activity. This setting offers day-to-day retail presence and connections to major transportation routes, supporting access to Northern New Jersey employment centers and New York City.
Key Highlights
- Mixed‑use redevelopment property at 281–285 Monroe Street in Passaic
- Year built: 1925
- Positioned along the active Monroe Street corridor for repositioning and development
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$95,745
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.83%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,914,900
$1.9M
Cap Rate 7%
$1,367,786
$1.4M
Cap Rate 9%
$1,063,833
$1.1M
Market Conditions
NOI Build-Up for 6,708 SF
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.
Gross rent
$144.9K $21.60/SF
− Vacancy
−$8.1K −$1.21/SF
EGI
$136.8K $20.39/SF
− OpEx
−$41.0K −$6.12/SF
NOI
$95.7K $14.27/SF
Area
Passaic County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,914,900
Cap Rate 7%
$1,367,786
Cap Rate 9%
$1,063,833
Alternative Uses
Best Use
Retail
$1.37M
$1.20M – $1.60M
NOI $95,745 @ 7.0% cap · market cap 3.83%
Second Best
Mixed Use
$1.19M
$1.04M – $1.39M
NOI $83,313 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,612 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,601
Businesses Nearby
257k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 33%
Shops & Services 32%
Groceries 19%
Apparel 11%
Superfresh
Groceries
30,748 visits/mo
0.1 miles
McDonald's
Dining
26,851 visits/mo
0.1 miles
Popeyes Louisiana Kitchen
Dining
23,822 visits/mo
0.3 miles
C-Town Supermarkets
Groceries
18,955 visits/mo
0.3 miles
Chase Bank
Shops & Services
16,728 visits/mo
0.3 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use redevelopment property on Monroe Street in Passaic, designed for repositioning with interim income potential.
Where is this mixed-use property located?
The property is located at 285 Monroe St Passaic, NJ.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Mixed‑use redevelopment property at 281–285 Monroe Street in Passaic; Year built: 1925; Positioned along the active Monroe Street corridor for repositioning and development
