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51 Central Ave
Passaic, NJ 07055
Retail Property For Sale
Investment Highlights
- Value add opportunity
- Mixed use building
- Updated HVAC
- Downtown location
- Updated Roof
Executive Summary
Located in the heart of Downtown Passaic, this mixed use building offers an excellent value add investment opportunity along one of the city’s busiest corridors, providing outstanding visibility, strong pedestrian traffic, and excellent vehicle exposure.
The property features two approx. 1,140 sq./ft ground floor retail storefronts and seven second-floor office suites ranging from approx. 170 sq./ft. to 505 sq./ft. with flexible layouts that can be combined for larger professional users.
Both retail storefronts are occupied, with leases approaching renewal, creating an opportunity to reposition rents to current market levels. The second floor offers significant lease up potential, providing a clear path to increasing occupancy and cash flow.
The property has been well maintained and includes an updated flat roof (2019), updated HVAC systems, updated thermostats, a full basement.
A great value add investment with immediate income and substantial upside through lease up and future rent growth.
The property features two approx. 1,140 sq./ft ground floor retail storefronts and seven second-floor office suites ranging from approx. 170 sq./ft. to 505 sq./ft. with flexible layouts that can be combined for larger professional users.
Both retail storefronts are occupied, with leases approaching renewal, creating an opportunity to reposition rents to current market levels. The second floor offers significant lease up potential, providing a clear path to increasing occupancy and cash flow.
The property has been well maintained and includes an updated flat roof (2019), updated HVAC systems, updated thermostats, a full basement.
A great value add investment with immediate income and substantial upside through lease up and future rent growth.
Property Facts
Sale Type
Investment or Owner User
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
6,080 SF
Building Class
C
Year Built
1988
Price
$1,350,000
Price Per SF
$222.04
Percent Leased
51%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.96
Lot Size
0.07 AC
Zoning
Commercial - M-1 Zoning. See attached Zoning Information.
Frontage
36’ on Central Ave
Amenities
- 24 Hour Access
- Signage
- Air Conditioning
Property Taxes
| Parcel Number | 07-04111-01-00043 | Improvements Assessment | $421,100 |
| Land Assessment | $118,900 | Total Assessment | $540,000 |
Property Taxes
Parcel Number
07-04111-01-00043
Land Assessment
$118,900
Improvements Assessment
$421,100
Total Assessment
$540,000
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