High-Rise Multifamily
For Sale
Contact for pricing
Pending
962 Main Ave, Passaic, NJ 07055
Built in 1960, this high-rise multifamily property is 100% occupied and zoned C-R.
Property Size8,600 SF
Days on Market114
Property Features for 962 Main Ave
General Information
Standard status
Pending
Size
8,600 SF
Class
B
Total Parking Spaces
3
Property subtype
Mixed Use, Multifamily
Zoning
C-R
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$108,789
Building Details
Year Built
1960
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
KW Commercial
Listed By:
Bruce Elia · License #NJ 0893523
Source:
Crexi
Added: May 18
Changed: Sep 7
Last Checked: Sep 7 at 8:20AM
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 KW Commercial
Investment Insights
Based on property information with market context.
This high-rise multifamily property totals 8,600 square feet and was built in 1960. The building is currently reported as 100% occupied, offering an immediately stabilized occupancy profile. Zoning is listed as C-R.
The property is located at 962 Main Ave in Passaic, New Jersey.
For buyers seeking a high-rise multifamily asset with current full occupancy, this building represents a straightforward value-add profile centered on maintaining the existing rental occupancy status.
The property is located at 962 Main Ave in Passaic, New Jersey.
For buyers seeking a high-rise multifamily asset with current full occupancy, this building represents a straightforward value-add profile centered on maintaining the existing rental occupancy status.
Key Highlights
- 8,600 SF high‑rise multifamily building built in 1960
- 100% occupancy reported
- Zoned C‑R
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
$132,251
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
8.27%
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%
$2,645,020
$2.6M
Cap Rate 7%
$1,889,300
$1.9M
Cap Rate 9%
$1,469,456
$1.5M
Market Conditions
NOI Build-Up for 8,600 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
$258.0K $30.00/SF
− Vacancy
−$17.5K −$2.04/SF
EGI
$240.5K $27.96/SF
− OpEx
−$108.2K −$12.58/SF
NOI
$132.3K $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 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%
$2,645,020
Cap Rate 7%
$1,889,300
Cap Rate 9%
$1,469,456
Alternative Uses
Best Use
Apartment 5plus
$1.89M
$1.65M – $2.20M
NOI $132,251 @ 7.0% cap · market cap 8.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.25M
$1.96M – $2.62M
NOI $157,194 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,562
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?
Apartment building - Built in 1960, this high-rise multifamily property is 100% occupied and zoned C-R.
Where is this apartment building located?
The property is located at 962 Main Ave Passaic, NJ.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 8,600 SF high‑rise multifamily building built in 1960; 100% occupancy reported; Zoned C‑R
