5-Unit Apartment
For Sale
$1,099,000
87 Passaic St #87, Passaic, NJ 07055
Recent electrical, roofing, and heating upgrades accompany video surveillance and lead-free certification for every apartment.
Property Size3,030 SF
Price / SF$362.71
Days on Market10
Property Features for 87 Passaic St #87
General Information
Standard status
Active
Size
3,030 SF
Property subtype
Commercial
Zoning
CR-HD
Net Operating Income
$78,238
Units
Unit Mix
1 x 1BR, 3 x 2BR, 1 x 3BR
Multifamily Units
5
Amenities
video camera security system
Building Details
Building Size
3,030 SF
Year Built
1940
Stories
3
Units
5
Listing Agency:
Keller Williams Team Realty
(973) 253-2800
Listed By:
Spero Kalyoussef
(973) 907-4692
Source:
Cammarotarealestate
Added: Oct 14
Changed: Oct 22
Last Checked: Oct 22 at 2:22PM
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 Team Realty
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Investment Insights
Based on property information with market context.
This 3,030-square-foot apartment building contains five units: one 1-bedroom apartment, three 2-bedroom apartments, and one 3-bedroom apartment. Built in 1940, the property has CR-HD zoning. Electrical service and the roof were updated in 2023, and a new heating system was installed in 2021. A video camera security system serves the building, and all five apartments are lead-free certified.
Key Highlights
- Five apartments: one 1‑bedroom, three 2‑bedroom, and one 3‑bedroom unit
- 3,030 square feet; built in 1940
- Electrical service and roof updated in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,595
Cap Rate
4.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$931,900
$931.9K
Cap Rate 7%
$665,643
$665.6K
Cap Rate 9%
$517,722
$517.7K
Market Conditions
NOI Build-Up for 3,030 SF
Gross rent
$90.9K $30.00/SF
− Vacancy
−$6.2K −$2.04/SF
EGI
$84.7K $27.96/SF
− OpEx
−$38.1K −$12.58/SF
NOI
$46.6K $15.38/SF
Area
Passaic County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$931,900
Cap Rate 7%
$665,643
Cap Rate 9%
$517,722
Alternative Uses
Best Use
Apartment 5plus
$665.6K
$582.4K – $776.6K
NOI $46,595 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$791.2K
$692.3K – $923.1K
NOI $55,384 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,743
Businesses Nearby
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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?
Apartment building - Recent electrical, roofing, and heating upgrades accompany video surveillance and lead-free certification for every apartment.
Where is this apartment building located?
The property is located at 87 Passaic St #87 Passaic, NJ.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Five apartments: one 1‑bedroom, three 2‑bedroom, and one 3‑bedroom unit; 3,030 square feet; built in 1940; Electrical service and roof updated in 2023
