Six-Bedroom Duplex with Finished
For Sale
$875,000
342 Sherman Street Unit 2, Passaic, NJ 07055
Multi-level layout includes two kitchens, an enclosed porch, and extensive driveway parking.
Property Size1,755 SF
Price / SF$498.58
Days on Market170
Property Features for 342 Sherman Street Unit 2
General Information
Standard status
Active
Size
1,755 SF
Total Parking Spaces
8
Property subtype
Multi Family / 2-Two Story
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$18,373
Amenities
central air conditioning
laundry room
updated kitchen
whirlpool soaking tub
open-concept living area
finished basement
enclosed rear porch
Yes
Asphalt Shingle
Carbon Monoxide Detector, Carpeting, High Ceilings, Smoke Detector, Tile Floors, Walk-In Closet, Whirlpool, Wood Floors
Finished, Full, Walkout
Curbs, Enclosed Porch(es), Metal Fence, Patio, Sidewalk
Vinyl Siding
Building Details
Year Built
1930
Listing Agency:
KELLER WILLIAMS PROSPERITY REALTY
(973) 696-0077
Listed By:
MARILYN FRIERSON · License #266381
(973) 696-0077
Source:
Compass
Added: Mar 15
Changed: Aug 31
Last Checked: Aug 31 at 1:06AM
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 KELLER WILLIAMS PROSPERITY REALTY
Investment Insights
Based on property information with market context.
This duplex at 342 Sherman Street, Unit 2, includes 1,755 square feet across a multi-level layout. Each of the two primary floors offers three bedrooms and a kitchen-and-living arrangement. The upper level adds a dedicated laundry room, central air conditioning, an open living area, and a primary suite with a private bathroom featuring a whirlpool tub and separate shower. The lower level includes an enclosed rear porch and an open-concept kitchen and living area.
A finished walkout basement provides a full bathroom and storage space. The property also includes a driveway accommodating up to eight vehicles, along with a patio, sidewalk, curbs, metal fencing, vinyl siding, carpeting, tile and wood flooring, high ceilings, and a walk-in closet. Built in 1930, the home is located on a dead-end street in Passaic.
A finished walkout basement provides a full bathroom and storage space. The property also includes a driveway accommodating up to eight vehicles, along with a patio, sidewalk, curbs, metal fencing, vinyl siding, carpeting, tile and wood flooring, high ceilings, and a walk-in closet. Built in 1930, the home is located on a dead-end street in Passaic.
Key Highlights
- 1,755‑square‑foot duplex with three bedrooms on each of two primary floors
- Finished walkout basement with full bathroom and storage
- Driveway accommodates up to eight vehicles
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
$29,372
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
3.36%
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%
$587,440
$587.4K
Cap Rate 7%
$419,600
$419.6K
Cap Rate 9%
$326,356
$326.4K
Market Conditions
NOI Build-Up for 1,755 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
$44.9K $25.56/SF
− Vacancy
−$2.9K −$1.65/SF
EGI
$42.0K $23.91/SF
− OpEx
−$12.6K −$7.17/SF
NOI
$29.4K $16.74/SF
Area
Passaic County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /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%
$587,440
Cap Rate 7%
$419,600
Cap Rate 9%
$326,356
Alternative Uses
Best Use
Multifamily LT 5
$419.6K
$367.2K – $489.5K
NOI $29,372 @ 7.0% cap · market cap 3.36%
Second Best
Apartment 5plus
$385.5K
$337.4K – $449.8K
NOI $26,988 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$458.3K
$401.0K – $534.7K
NOI $32,079 @ 7.0% cap · market cap 3.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,841
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
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Frequently Asked Questions
What type of property is this?
Duplex - Multi-level layout includes two kitchens, an enclosed porch, and extensive driveway parking.
Where is this duplex located?
The property is located at 342 Sherman Street Unit 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: 1,755‑square‑foot duplex with three bedrooms on each of two primary floors; Finished walkout basement with full bathroom and storage; Driveway accommodates up to eight vehicles
