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397 Passaic Ave
Lodi, NJ 07644
Retail Property For Sale
Investment Highlights
- Located on highly traveled street, corner lot, multiple forms of income.
Executive Summary
Eclectic mixed-use brick property offering exceptional income potential with five separate revenue streams, private parking, and a prime layout. A fully rented ground-level convenience store generates $2,000/month, with residential apartments located above the commercial space, including a one-bedroom unit at $1,200/month and a two-bedroom unit at $1,825/month. The property also includes a separate single-family residence producing $1,880/month and two income-producing garages at $150/month. This asset features separately metered utilities, strong upside in rents, and low annual taxes of only $13,770, making it an ideal opportunity for investors or owner-operators seeking stable cash flow with long-term appreciation and value-add potential.
Property Facts Under Contract
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,849 SF
Building Class
C
Year Built
1915
Price
$949,000
Price Per SF
$246.56
Cap Rate
6.20%
NOI
$58,838
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.26
Lot Size
0.07 AC
Zoning
CNR
Parking
5 Spaces (1.29 Spaces per 1,000 SF Leased)
Frontage
35’ on Passaic Ave
Amenities
- Corner Lot
Property Taxes
| Parcel Number | 31-00009-0000-00055 | Improvements Assessment | $250,400 |
| Land Assessment | $138,600 | Total Assessment | $389,000 |
Property Taxes
Parcel Number
31-00009-0000-00055
Land Assessment
$138,600
Improvements Assessment
$250,400
Total Assessment
$389,000
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