Renovated Three-Unit Residential
For Sale
$1,699,000
70 Richard St #3, Passaic, NJ 07055
Two newly built apartments accompany an extensively updated original home with a finished basement.
Property Size4,800 SF
Price / SF$353.96
Days on Market33
Property Features for 70 Richard St #3
General Information
Standard status
Active
Size
4,800 SF
Total Parking Spaces
5
Property subtype
Multi Family Home
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
4BR/3BA, 3BR/2BA, 3BR/2BA
Multifamily Units
3
Amenities
Carbon Monoxide Detector
Fire Alarm Sys
See Remarks
Smoke Detector
Tile Floors
Vinyl-Linoleum Floors
Walk-In Closet
Wood Floors
Patio
FencPriv
SeeRem
FencVnyl
Building Details
Building Size
4,800 SF
Year Built
2026
Units
3
Listing Agency:
Global Real Estate
(201) 886-8700
Listed By:
Alireza Memar
(201) 886-0500
Source:
Cammarotarealestate
Added: Sep 21
Changed: Oct 22
Last Checked: Oct 22 at 2:34PM
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 Global Real Estate
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Investment Insights
Based on property information with market context.
This triplex combines an extensively renovated original residence with two newly constructed apartments. The original home has four bedrooms, three full baths, a finished basement, and an added primary bedroom and bath. Its first floor includes a living room, formal dining room, kitchen, and bedroom or den; two additional bedrooms and a primary suite are upstairs.
Each newer apartment has three bedrooms, two bathrooms, an open living and dining area, a kitchen, and an attached garage. Both also include a laundry room, with the primary bedroom served by its own bathroom.
The property is near the Passaic train station and a bus stop, with major highways a short drive away.
Each newer apartment has three bedrooms, two bathrooms, an open living and dining area, a kitchen, and an attached garage. Both also include a laundry room, with the primary bedroom served by its own bathroom.
The property is near the Passaic train station and a bus stop, with major highways a short drive away.
Key Highlights
- Three residential units, including the renovated original home and two new apartments
- Original home offers 4 bedrooms, 3 full baths, and a finished basement
- Each new apartment includes 3 bedrooms, 2 bathrooms, an attached garage, and a laundry room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$80,334
Cap Rate
4.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,606,680
$1.6M
Cap Rate 7%
$1,147,629
$1.1M
Cap Rate 9%
$892,600
$892.6K
Market Conditions
NOI Build-Up for 4,800 SF
Gross rent
$122.7K $25.56/SF
− Vacancy
−$7.9K −$1.65/SF
EGI
$114.8K $23.91/SF
− OpEx
−$34.4K −$7.17/SF
NOI
$80.3K $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 Rate 5%
$1,606,680
Cap Rate 7%
$1,147,629
Cap Rate 9%
$892,600
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.00M – $1.34M
NOI $80,334 @ 7.0% cap · market cap 4.73%
Second Best
Apartment 5plus
$1.05M
$922.7K – $1.23M
NOI $73,814 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,736 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,139
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Two newly built apartments accompany an extensively updated original home with a finished basement.
Where is this triplex located?
The property is located at 70 Richard St #3 Passaic, NJ.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Three residential units, including the renovated original home and two new apartments; Original home offers 4 bedrooms, 3 full baths, and a finished basement; Each new apartment includes 3 bedrooms, 2 bathrooms, an attached garage, and a laundry room
