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8-Unit Multi-Family | Prime Passaic 48 8th Ave 8 Unit Apartment Building $2,190,166 CAD ($273,771 CAD/Unit) 6.75% Cap Rate Passaic, NJ 07055
Investment Highlights
- (8) Unit Multi-family - 4 (2) Bedrooms; (1) Bathroom & 4 (1) Bedroom; (1) Bathroom
- Located in Vibrant Passaic, NJ
- Additional Value in Laundry and Storage in Basement
- Lot Size: 4,901 SqFt
- Corner Property off Main Avenu
- Value Add Property - Units undervalued and Prime for Market Rate Pricing
Executive Summary
Introducing a prime investment opportunity located at 48 8th Avenue, Passaic, NJ, 07055. This 6,256 SF, 8-unit multifamily property, strategically situated in the Northern NJ area, offers a solid investment in a desirable location. Originally built in 1980 and meticulously renovated in 2025, this value-add property boasts 100% occupancy and a well-maintained, all-brick structure. With a mix of (2) bedroom and (1) bedroom units, the building also features a fenced-in courtyard, offering an ideal living environment for tenants. With additional on-site amenities including laundry and storage in the basement, this property presents an exceptional opportunity for a savvy Low-Rise/Garden investor.
Financial Summary (Actual - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$209,204
|
$33.44
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,586
|
$0.73
|
| Effective Gross Income |
$204,618
|
$32.71
|
| Taxes |
$31,639
|
$5.06
|
| Operating Expenses |
$25,107
|
$4.01
|
| Total Expenses |
$56,746
|
$9.07
|
| Net Operating Income |
$147,873
|
$23.64
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $209,204 |
| Annual Per SF | $33.44 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $4,586 |
| Annual Per SF | $0.73 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $204,618 |
| Annual Per SF | $32.71 |
| Taxes (CAD) | |
|---|---|
| Annual | $31,639 |
| Annual Per SF | $5.06 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $25,107 |
| Annual Per SF | $4.01 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $56,746 |
| Annual Per SF | $9.07 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $147,873 |
| Annual Per SF | $23.64 |
Property Facts Under Contract
| Price | $2,190,166 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $273,771 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 6.75% | Building Size | 6,256 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1980/2025 |
| Zoning | OR-1A - R-3 | ||
| Price | $2,190,166 CAD |
| Price Per Unit | $273,771 CAD |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 6,256 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1980/2025 |
| Zoning | OR-1A - R-3 |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Storage Space
- Crown Molding
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Yard
- Basement
- Dining Room
- Family Room
- Lawn
Site Amenities
- Courtyard
- Fenced Lot
- Laundry Facilities
- Grill
- Smoke Free
- Storage Space
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,678 CAD | 500 |
| 2+1 | 4 | $1,935 CAD | 700 |
Very walkable
80/100
Moderately drivable
70/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 07-03223-01-00001 | Total Assessment | $751,905 CAD (2025) |
| Land Assessment | $101,849 CAD (2025) | Annual Taxes | $31,639 CAD ($5.06 CAD/SF) |
| Improvements Assessment | $650,056 CAD (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
07-03223-01-00001
Land Assessment
$101,849 CAD (2025)
Improvements Assessment
$650,056 CAD (2025)
Total Assessment
$751,905 CAD (2025)
Annual Taxes
$31,639 CAD ($5.06 CAD/SF)
Tax Year
2024
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8-Unit Multi-Family | Prime Passaic | 48 8th Ave
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