Mixed-Use Building with
New
For Sale
$1,049,999
976 Main Ave, Passaic, NJ 07055
Four income-producing spaces combine office use, residential units, and billboard revenue in one property.
Property Size3,223 SF
Price / SF$325.78
Days on Market4
Property Features for 976 Main Ave
General Information
Standard status
Active
Size
3,223 SF
Property subtype
Commercial
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x studio, 1 x 1BR, 1 x 2BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,800
Amenities
Central air
1 Unit Cooling
4+ Units Heating
Central Air Cooling
Flat Roof
On-Street Parking
Wall A/C Unit(s) Cooling
Building Details
Year Built
1947
Listing Agency:
WEICHERT REALTORS
(973) 746-1515
Listed By:
LUZ E. RUIZ
(646) 294-2931
Source:
Corcoran
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 23 at 1:55PM
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 WEICHERT REALTORS
Investment Insights
Based on property information with market context.
Built in 1947, this mixed-use property contains four income-producing spaces: approximately 1,100 square feet of office space, a studio apartment, a one-bedroom apartment, and a two-bedroom apartment. The office area is divided into multiple rooms. The two-bedroom unit is available for owner-directed improvements, while the other spaces are described as renovated or updated.
The property is on Main Avenue in Passaic City, near shopping, dining, public transportation, and everyday services. An on-site billboard provides an additional revenue source; its agreement includes roof maintenance and repair provisions. An unused rear lot is also part of the property.
The property is on Main Avenue in Passaic City, near shopping, dining, public transportation, and everyday services. An on-site billboard provides an additional revenue source; its agreement includes roof maintenance and repair provisions. An unused rear lot is also part of the property.
Key Highlights
- Four income‑producing spaces: office, studio, one‑bedroom, and two‑bedroom units
- Approximately 1,100 square feet of office space with multiple rooms
- On‑site billboard agreement includes roof maintenance and repair provisions
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
$49,563
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
4.72%
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%
$991,260
$991.3K
Cap Rate 7%
$708,043
$708.0K
Cap Rate 9%
$550,700
$550.7K
Market Conditions
NOI Build-Up for 3,223 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
$96.7K $30.00/SF
− Vacancy
−$6.6K −$2.04/SF
EGI
$90.1K $27.96/SF
− OpEx
−$40.6K −$12.58/SF
NOI
$49.6K $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 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%
$991,260
Cap Rate 7%
$708,043
Cap Rate 9%
$550,700
Alternative Uses
Best Use
Apartment 5plus
$708.0K
$619.5K – $826.1K
NOI $49,563 @ 7.0% cap · market cap 4.72%
Second Best
Mixed Use
$571.9K
$500.4K – $667.2K
NOI $40,030 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$841.6K
$736.4K – $981.9K
NOI $58,911 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Paved road access
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four income-producing spaces combine office use, residential units, and billboard revenue in one property.
Where is this mixed-use property located?
The property is located at 976 Main Ave Passaic, NJ.
What is the asking price?
The asking price for this property is $1,049,999.
What are key features of this property?
This property features: Four income‑producing spaces: office, studio, one‑bedroom, and two‑bedroom units; Approximately 1,100 square feet of office space with multiple rooms; On‑site billboard agreement includes roof maintenance and repair provisions
