97 Jefferson St, Passaic City, NJ 07055

Property Description

An exceptional, turnkey cash-flow opportunity in the heart of Passaic, this 18-room rooming house is fully licensed by the New Jersey Department of Community Affairs (NJDCA), offering an investor immediate scale in a high-demand rental market.The asset was completely stabilized during a massive, top-to-bottom $500,000+ total renovation in 2019. This down-to-the-studs modernization encompassed all-new heating, electrical, and plumbing systems, alongside a new roof, windows, siding, flooring, and structural stairs. This entirely updated infrastructure ensures strict regulatory compliance while significantly lowering projected capital expenditures and operational maintenance for years to come.Optimized across three distinct living levels, the building features an efficient, high-density layout: First Floor: 5 rooms, Second Floor: 5 rooms, Third Floor: 8 rooms. Each floor is equipped with its own shared bathroom and a dedicated kitchenette area featuring a sink, countertop, and microwave. A full, unfinished basement houses the upgraded utilities and provides ample space for maintenance storage.Licensed rooming houses of this caliber and pristine physical condition are rarely available in the North Jersey market. With the heavy lifting of the renovation already complete, the next owner can focus entirely on optimizing the asset's substantial revenue potential.