355 Madison St

Passaic, NJ 07055

$1,050,000
Last Sold Price
—
Beds
—
Baths
—Sq. Ft.
— / Sq. Ft.
—
Sq. Ft.
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per Sq. Ft.
Sold - Sold 1/8/26
Sold - Sold 1/8/26

Description

355 Madison Street in Passaic, NJ presents a turn-key 6-unit multifamily investment opportunity. The property is fully occupied with a mix of market and Section 8 tenants, generating $110,717 in annual gross income and a 7.57% cap rate at the current asking price of $1,150,000. There are two 2-bed/1-bath layout and four 3-bed/1-bath layout, providing consistent tenant demand in this market. The building is well-maintained with a valid Green Card and has landlord-paid water and minimal utility expenses....355 Madison Street in Passaic, NJ presents a turn-key 6-unit multifamily investment opportunity. The property is fully occupied with a mix of market and Section 8 tenants, generating $110,717 in annual gross income and a 7.57% cap rate at the current asking price of $1,150,000. There are two 2-bed/1-bath layout and four 3-bed/1-bath layout, providing consistent tenant demand in this market. The building is well-maintained with a valid Green Card and has landlord-paid water and minimal utility expenses. Operating costs remain low at just $23,617 annually, producing a healthy $87,100 NOI. Beyond current performance, the property offers strong long-term upside. The five-year projection (without rent increases beyond standard adjustments) reflects NOI growth toward $95,000+. Additional value can be unlocked through future rent increases to market rate as leases turn. Located near schools, shopping, and NJ Transit, 355 Madison provides both stability and growth potential — an attractive acquisition for investors seeking steady returns in Northern New Jersey’s competitive multifamily sector.
  1. Listed by Andres Ospina • Real
    P: (201)-333-4676 premiervillagroup@gmail.com
LISTING UPDATED: 01/09/2026 12:07 PM

Property Details for 355 Madison Street

StatusSold - Sold
MLS #25037152
Days on Market14
Taxes$14,356 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS Type5+ Mixed Use
Year Built-
Lot Size-
CountyPassaic County

Location

Listing Courtesy of Real, Andres Ospina

Sold By Real, Andres Ospina

Add your commute

Payment Calculator

$6,314 per month

30 year fixed, 6.15% Interest

Principal and Interest

$5,118

Property Taxes

$1,196

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 355 Madison Street

Summary
Location and General Information
  • Area name: Passaic
  • Street Name: Madison
  • County Name: PASSAIC
  • Status: Closed
  • Street Number Numeric: 355
  • Zip Code: 07055
Taxes and HOA Information
  • Other Charges: True
  • Tax: $14,356
Property
Lot Information
  • Year Built: Pre 1900, Build Prior to 1978
  • Propertype ro: O/See Rmrks
Property and Assessments
  • Photo Number: 1
Interior and Exterior Features
Interior Features
  • Full Baths Total: 0
  • Num of Baths: 0.0
Exterior Features
  • Roof: Flat
Agent
Sale and Listing Information
  • Management Phone: 201-333-4676
  • Search Class: MIX, 5+ Mixed Use
  • List Price: $1,150,000.00
  • Listing Date: 10-20-2025
  • Pending Date: 11-03-2025
  • Close Date: 01-08-2026
  • Status Date: 01-08-2026
  • Sale Price: $1,050,000
Showing Information
  • Internet Remarks: 355 Madison Street in Passaic, NJ presents a turn-key 6-unit multifamily investment opportunity. The property is fully occupied with a mix of market and Section 8 tenants, generating $110,717 in annual gross income and a 7.57% cap rate at the current asking price of $1,150,000. There are two 2-bed/1-bath layout and four 3-bed/1-bath layout, providing consistent tenant demand in this market. The building is well-maintained with a valid Green Card and has landlord-paid water and minimal utility expenses. Operating costs remain low at just $23,617 annually, producing a healthy $87,100 NOI. Beyond current performance, the property offers strong long-term upside. The five-year projection (without rent increases beyond standard adjustments) reflects NOI growth toward $95,000+. Additional value can be unlocked through future rent increases to market rate as leases turn. Located near schools, shopping, and NJ Transit, 355 Madison provides both stability and growth potential — an attractive acquisition for investors seeking steady returns in Northern New Jersey’s competitive multifamily sector.
Rental
Rental Information
  • Owner pays: Water

Property History for 355 Madison Street

DateEvent & SourcePriceAppreciation
Jan 7, 2026

Sold

NJMLS #25037152

$1,050,000—
Nov 3, 2025

Under Contract

NJMLS #25037152

—
Oct 19, 2025

Listed (Active)

NJMLS #25037152

$1,150,000—
Jun 29, 2022

Sold (Public Record)

Public Record #1497812199

$775,000—
DateEvent & SourcePrice
01/07/2026

Sold

NJMLS #25037152

$1,050,000
11/03/2025

Under Contract

NJMLS #25037152

—
10/19/2025

Listed (Active)

NJMLS #25037152

$1,150,000
06/29/2022

Sold (Public Record)

Public Record #1497812199

$775,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 355 Madison Street

Taxable ValueLand$64,500Additions$283,700Total$348,200
Tax Record2024$14,356 ($1,196 / month)
Home Facts
Stories3Lot Size2,900 SqFtStyleMulti-Family Res (5+ Units)ZoningR-3CountyPASSAICAPN07 02162-0000-00009

Schools near 355 Madison Street

This home is within Passaic City Public School District.
Rating
School
Type
Grades
Distance
Number 11, Cruise Memorial Elementary School
Public - K to 8
Passaic High School
Public - 9 to 12
Passaic Gifted And Talented Academy School No 20
Public - 2 to 8
Sonia Sotomayor School 21
Public - K to 8
Rating
School
Distance
Number 11, Cruise Memorial Elementary School
PublicK to 8

Passaic High School
Public9 to 12

Passaic Gifted And Talented Academy School No 20
Public2 to 8

Sonia Sotomayor School 21
PublicK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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Listing Courtesy of Real, Andres Ospina

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