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$2,300,000
Est. payment /mo
5,700 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,700 sqft
Price per Sqft $403
MLS Listing ID 3970108
Year Built 1928
Annual Tax Amount $20,169
Tax Year 2024
Lot Size 5,662 Sqft
Property Description
This is an outstanding investment opportunity in the heart of Belleville! 220 Passaic Avenue is a 6-Unit Multifamily Property, located on a high-visibility corner lot and in a high-demand rental market. This 5,700 SqFt building sits on corner lot and features a desirable mix unit of two 2-bedroom units and four 1-bedroom units. The property was comprehensively renovated approximately two years ago, with updated interiors, modern finishes, and security system. Each unit includes in-unit laundry and private storage, offering comfort and convenience for tenants. Additional upgrades include security system covering hallways and exterior areas. Tenants benefit from 9 assigned parking spaces and access to a fully finished basement that adds functional space and long-term potential. The property is 100% occupied, delivering reliable income, strong tenant retention, and low vacancy rate. Located near Route 21, the Garden State Parkway, and NJ Transit. Just minutes from Newark, Bloomfield, and major employment centers this asset is also within walking distance of shopping, schools, and a public park. This is a rare chance to acquire a fully stabilized, recently upgraded multifamily asset in a sought-after Essex County submarket.
Location
State NJ
County Essex
Zoning Residential
Rooms
Basement Finished, Full, Storage
Interior
Heating Electric, Gas-Natural
Cooling Central Air
Equipment Appliances, Fire Alarm, Fixtures, Smoke Detector
Heat Source Electric, Gas-Natural
Exterior
Exterior Feature Brick/Block
Utilities Available Electric, Gas-Natural
Roof Type See Remarks
Building
Story 3
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple
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Listed by UNITED REAL ESTATE