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Listed by Andreia Melnikoff United Real Estate
$ 2,300,000
Est. payment | /mo
$ 2,300,000
Est. payment | /mo
Key Details
Property Type Commercial
Sub Type Industrial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25021200
Style Industrial
Property Sub-Type Industrial
Property Description
This is an outstanding investment opportunity in the heart of Belleville! 220 Passaic Avenue is a six-unit multifamily property, fully leased, located on a high-visibility corner lot and in a high-demand rental market. With 5 years of taxes abatement, this 5,700 sqf building sits on a 5,484 sqf lot and features a desirable mix unit of two 2-bedroom units and four 1-bedroom units. The property was comprehensively renovated approximately two years ago, with updated interiors, modern finishes, and security system. Each unit includes in-unit laundry and private storage, offering comfort and convenience for tenants. Additional upgrades include a full building-wide fire alarm system and a comprehensive security camera system covering hallways and exterior areas. Tenants benefit from nine assigned parking spaces and access to a fully finished basement that adds functional space and long-term potential. The property is 100% occupied, delivering reliable income, strong tenant retention, and low vacancy rate. Located near Route 21, the Garden State Parkway, and NJ Transit. Just minutes from Newark, Bloomfield, and major employment centers this asset is also within walking distance of shopping, schools, and a public park. This is a rare chance to acquire a fully stabilized, recently upgraded multifamily asset in a sought-after Essex County submarket.
Location
State NJ
County Essex
Interior
Heating Central Air, Electric, Hot Air
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111 Howard Blvd. Suite 202, Arlington, Jersey, 07856, United States