Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Passaic Multifamily Property for Sale Title is generated by Realmo AI

    342 Sherman St 2, Passaic, NJ 07055

    View on Map
    Claim this Listing
    For Sale
    $875,000

    Multifamily property in Passaic, NJ, available for purchase.

    Type:Multi Family
    Lot size:
    135.00 Acres
    Added:
    Mar 24, 2026
    Days on Market:
    72
    Last Refresh:
    Mar 17 at 2:54 am

    Property Features for 342 Sherman St 2

    General Information

    Standard status
    Active
    Lot size
    135.00 Acres
    Property subtype
    Multi Family

    Building Details

    Year Built
    1930

    We can help!

    Listing Contact
    MARILYN FRIERSON

    Listing agent MARILYN FRIERSON

    Listing office eXp Realty, LLC

    Listing date Mar 24, 2026

    Source Elliman

    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 eXp Realty, LLC

    HighLights

    • Multifamily property available for purchase.
    • Located in Passaic, NJ.
    • Year Built: 1930

    Overview

    This multifamily property is located in Passaic, New Jersey. The property is classified under multifamily properties and residential income properties.
    Property Profile Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Daycare Center Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Passaic
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.13721
    Latitude
    40.86575

    Nearby Similar for Sale

    • $1,350,000
      4,500 SF

      Passaic City Multifamily Investment

      Six residential units near transportation, shopping, and highways.
      35 Columbia Ave, Passaic City, NJ 07055-6411
      View Details
    • $799,000
      5,100 SF

      Commercial - Passaic City, NJ

      111 Lexington Ave, Passaic City, NJ 07055-5246
      View Details
    • $749,000

      Renovated Two-Family Income Property

      Completely updated in 2021 with flexible basement and attic bathrooms and kitchens to support dependable rental income.
      89 Burgess Pl, Passaic City, NJ 07055-8607
      View Details
    • $599,900

      Well-Maintained Multi-Family Home

      Two-family home with separate utilities in Passaic City, NJ.
      266 Madison St, Passaic City, NJ 07055-4110
      View Details
    • $1,250,000
      4,000 SF

      Passaic City Commercial Opportunity

      Commercial building in downtown Passaic City with retail and office spaces.
      51 Central Ave, Passaic City, NJ 07055-8406
      View Details
    • $749,900

      Passaic City Two-Family Home

      Two-family home in Passaic City, near transportation.
      94 Summer St, Passaic City, NJ 07055-8612
      View Details
    • $950,000

      Renovated Mixed-Use Property, Passaic

      Fully renovated, 100% leased mixed-use property in Passaic, NJ.
      142 PASSAIC ST, Passaic, NJ 07055
      View Details
    • $140,000
      1,097 SF

      Passaic City Business Opportunity

      Business opportunity in high-traffic area with growth potential.
      80 Passaic St, Passaic City, NJ 07055-8362
      View Details
    • $794,900

      Spacious Multi-Level Home in Passaic

      Multi-level home with flexible living arrangements and generous parking.
      342 Sherman St, Passaic City, NJ 07055-3130
      View Details
    • $585,000

      Well-Maintained Two-Family House

      Two-family house with finished basement, attic, and parking.
      383 Highland Ave, Passaic City, NJ 07055-3210
      View Details
    • $689,900

      Passaic City Multi-Family Home

      Two-story multi-family home with garage and backyard.
      35 7Th Ave, Passaic City, NJ 07055-2135
      View Details
    • $159,900
      1,200 SF

      Turnkey 1-800-Flowers Franchise

      Established franchise with a long-term lease through 2028 and turnkey operations, plus a separate warehouse for flower shipments.
      343 Monroe St, Passaic City, NJ 07055-4115
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Multifamily property in Passaic, NJ, available for purchase.
    Where is this multifamily property located?
    The property is located at 342 Sherman St 2 Passaic, NJ.
    What is the asking price?
    The asking price for this property is $875,000.
    What are key features of this property?
    This property features: Multifamily property available for purchase.; Located in Passaic, NJ.; Year Built: 1930
    (973) 988-3433
    We can help!
    Listing Contact
    MARILYN FRIERSON
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    342 Sherman St 2, Passaic, NJ 07055-3130
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!