355 Madison Street in Passaic, NJ presents a turn-key 6-unit multifamily investment opportunity. The property is fully occupied with a mix of market and Section 8 tenants, generating $110, 717 in annual gross income and a 7.57% cap rate at the current asking price of $1, 150, 000. There are two 2-bed/1-bath layout and four 3-bed/1-bath layout, providing consistent tenant demand in this market. The building is well-maintained with a valid Green Card and has landlord-paid water and minimal utility expenses. Operating costs remain low at just $23, 617 annually, producing a healthy $87, 100 NOI. Beyond current performance, the property offers strong long-term upside. The five-year projection (without rent increases beyond standard adjustments) reflects NOI growth toward $95, 000+. Additional value can be unlocked through future rent increases to market rate as leases turn. Located near schools, shopping, and NJ Transit, 355 Madison provides both stability and growth potential ”” an attractive acquisition for investors seeking steady returns in Northern New Jersey’s competitive multifamily sector.
