High-Rise Multifamily
962 Main Ave Passaic, NJ 07055
962 Main Ave, Passaic, NJ, 07055
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For Sale
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Built in 1960, this high-rise multifamily property is 100% occupied and zoned C-R.
Property Size8,600 SF
Price / SF$186.05
Days on Market67
Property Features for 962 Main Ave
General Information
- Standard status
- Active
- Size
- 8,600 SF
- Property subtype
- Mixed Use, Multifamily
Building Details
- Year Built
- 1960
Listing agency
KW Commercial
Listed by
Bruce Elia · License #NJ 0893523
Source
Crexi
Added: May 18 Updated: Jul 22 at 3:42PM Checked: Jul 22 at 3:42PM
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $258.0k | $30.00 |
| − Vacancy | −$17.5k | −$2.04 |
| EGI | $240.5k | $27.96 |
| − OpEx | −$108.2k | −$12.58 |
| NOI | $132.3k | $15.38 |
8,600 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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
