102 Summer St new Save Request In-Person Tour Request Virtual Tour
Passaic City,NJ 07055
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 14,050 sqft
Price per Sqft $59
MLS Listing ID 3966680
Year Built 1920
Annual Tax Amount $3,875
Tax Year 2024
Lot Size 4,791 Sqft
Property Description
Investment Opportunity: Three-Unit Automotive Repair shop. Presenting a rare opportunity to acquire a 3-unit automotive repair facility. 7,400 sq ft of building space and 14,050 sq ft of total lot area. The property consists of three individual repair bays, each equipped with their own private half bathroom, making the units fully self-contained.Current Lease Overview:102 Summer Street (largest unit): Rented at $3,400/month95 Burgess Street (smaller unit): Rented at $1,800/month95 Burgess Street (larger side): Rented at $2,700/monthTotal Current Monthly Rent: $7,900Two of the three leases have expired, presenting an immediate opportunity for lease renewal at market rates or replacement with new tenants. The third lease is set to expire on September 30, 2025.Investment Highlights:Cap Rate: 8% based on current incomeStrong value-add potential by increasing below-market rentsFunctional layout with individual restrooms and clear bay separationExcellent owner-user or investor opportunity in a high-demand commercial sectorThis property offers both steady cash flow and upside potential through improved lease terms.
Location
State NJ
County Passaic
Zoning R-3
Interior
Heating Gas-Natural
Cooling No Cool
Flooring Concrete
Equipment Restrooms - Private
Exterior
Exterior Feature Brick/Block
Utilities Available Gas-Natural
Roof Type Metal
Building
Story 1
Sewer Public Sewer
Water Public Water