Passaic Mixed-Use Property Sold For $2.5M With Brokers Ismael Medina & Xavier Rodriguez

This income-producing property in Passaic, NJ, consists of 15 residential apartments and 1 commercial space. It is well-maintained, with tenants paying their own utilities. The property is located at 274-276 Oak Street and spans a total of 12,000 square feet. The sale price for this mixed-use asset was $2,500,000, with a price per unit (PPU) of $156,250 and a price per square foot (PPSF) of $208.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $2,500,000
• Units: 16
• Price per Unit: $156,250
• Square Footage: 12,000
• Price per Square Foot: $208
• Address: 274-276 Oak Street, Passaic, NJ
• Market: Passaic

The sale of this mixed-use property was facilitated by Ismael Medina and Xavier Rodriguez of Buildings Realty, LLC. Representing the sellers, their expertise in the Passaic market contributed to the successful transaction. Furthermore, this property presents an opportunity for the new owner to increase the cap rate, as the current rents are below market value. With potential for improvement, this investment offers promising prospects for future returns.