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196 Jefferson St 33,000 SF 33% Leased Office Building Passaic, NJ 07055 $3,999,000 ($121.18/SF)
Investment Highlights
- Located in the heart of Passaic’s business district with convenient access to major thoroughfares and public transportation.
- Offers proximity to NJ Transit commuter rail stations, providing direct connectivity to regional employment hubs.
- Positioned within a dense urban market near retail, dining, and essential services, enhancing tenant and customer accessibility.
- Situated approximately 20 minutes from Newark Liberty International Airport and within easy reach of major freight ports.
Executive Summary
Fully Approved for 27 luxury Apartments with 9900 commercial space on the 1st floor. Converting the 2nd and 3rd floor to 9 apartments each and add a forth floor for additional 9 more apartments, its approved for 3 Studios, 9 one bedroom, 9 two bedrooms and 6 three bedrooms. Plans will be included
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$900,000
|
$27.27
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$900,000
|
$27.27
|
| Taxes |
$108,000
|
$3.27
|
| Operating Expenses |
$65,000
|
$1.97
|
| Total Expenses |
$173,000
|
$5.24
|
| Net Operating Income |
$727,000
|
$22.03
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $900,000 |
| Annual Per SF | $27.27 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $900,000 |
| Annual Per SF | $27.27 |
| Taxes | |
|---|---|
| Annual | $108,000 |
| Annual Per SF | $3.27 |
| Operating Expenses | |
|---|---|
| Annual | $65,000 |
| Annual Per SF | $1.97 |
| Total Expenses | |
|---|---|
| Annual | $173,000 |
| Annual Per SF | $5.24 |
| Net Operating Income | |
|---|---|
| Annual | $727,000 |
| Annual Per SF | $22.03 |
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Redevelopment Project
Property Type
Building Size
33,000 SF
Building Class
C
Year Built
1941
Price
$3,999,000
Price Per SF
$121.18
Percent Leased
33%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
8,250 SF
Building FAR
2.59
Lot Size
0.29 AC
Opportunity Zone
Yes
Zoning
UEZ - Building is located within the Opportunity Zone and the new MX-2 zoning in downtown Passaic.
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Exceptionally walkable
100/100
Fairly drivable
50/100
Good public transit
70/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 07-04128-0000-00038 | Total Assessment | $1,075,000 (2025) |
| Land Assessment | $278,500 (2025) | Annual Taxes | $108,000 ($3.27/SF) |
| Improvements Assessment | $796,500 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
07-04128-0000-00038
Land Assessment
$278,500 (2025)
Improvements Assessment
$796,500 (2025)
Total Assessment
$1,075,000 (2025)
Annual Taxes
$108,000 ($3.27/SF)
Tax Year
2026
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Contact the Sale Advisor
196 Jefferson St