196 Madison St | Passaic City
An exceptional, turnkey cash-flow opportunity in the heart of Passaic, this building consists of two one-bedroom apartments and 9 - rent rooms. It is fully licensed by the New Jersey Department of Community Affairs (NJDCA) as a rooming house, offering an investor immediate scale in a high-demand rental market.The asset was completely stabilized during a massive, top-to-bottom $500,000+ total renovation in 2020. This down-to-the-studs modernization encompassed all-new heating, electrical, and plumbing systems, alongside a new roof, windows, siding, flooring, and structural stairs. This entirely updated infrastructure ensures strict regulatory compliance while significantly lowering projected capital expenditures and operational maintenance for years to come.The two one-bedroom apartments have their own bathrooms and kitchens. The nine rent rooms share two bathrooms and a dedicated kitchenette area featuring a sink, countertop, and microwave. A full, unfinished basement houses the upgraded utilities and provides ample space for maintenance storage.Licensed rooming houses of this caliber and pristine physical condition are rarely available in the North Jersey market. With the heavy lifting of the renovation already complete, the next owner can focus entirely on optimizing the asset's substantial revenue potential. GSMLS 4035520
Directions to property: Main Ave to Lexington to Madison. NE corner of Hoover and Madison.
