Mixed-Use Investment
For Sale
$949,999
Pending
976 Main Ave, Passaic, NJ 07055
Turn-key, renovated mixed-use property with income-producing units and potential.
Property Size3,223 SF
Lot Size0.07 Acres
Days on Market324
Property Features for 976 Main Ave
General Information
Standard status
Pending
Size
3,223 SF
Lot size
0.07 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,800
Amenities
Central air
4+ Units Heating
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
Source:
Corcoran
Added: Oct 20, 2025
Changed: Aug 22
Last Checked: Aug 14 at 6:02AM
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.
This mixed-use property presents an investment opportunity, suitable for both first-time homebuyers and experienced investors. The building features four income-producing units, complemented by additional billboard income. The first floor includes approximately 1,100 sq. ft. of office space, equipped with multiple rooms and amenities, alongside a renovated studio apartment. The second floor houses a modern one-bedroom apartment and a spacious two-bedroom apartment. The property is situated on Main Avenue, offering convenient access to nearby shops, restaurants, and transportation. An unused rear lot provides potential for extension or parking. This property allows for living, working, and investing.
Key Highlights
- Four income‑producing units plus billboard income
- Nearly fully renovated property**
- Mixed‑use property ideal for living, working, and investing
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
$40,030
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
4.21%
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%
$800,600
$800.6K
Cap Rate 7%
$571,857
$571.9K
Cap Rate 9%
$444,778
$444.8K
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
$69.6K $21.60/SF
− Vacancy
−$5.6K −$1.73/SF
EGI
$64.0K $19.87/SF
− OpEx
−$24.0K −$7.45/SF
NOI
$40.0K $12.42/SF
Area
Passaic County, NJ
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$800,600
Cap Rate 7%
$571,857
Cap Rate 9%
$444,778
Alternative Uses
Best Use
Mixed Use
$571.9K
$500.4K – $667.2K
NOI $40,030 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$841.6K
$736.4K – $981.9K
NOI $58,911 @ 7.0% cap · market cap 6.20%
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Turn-key, renovated mixed-use property with income-producing units and potential.
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 $949,999.
What are key features of this property?
This property features: Four income‑producing units plus billboard income; Nearly fully renovated property**; Mixed‑use property ideal for living, working, and investing
