ADDRESS
62 E Park Place
Morristown, NJ 07960
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$1,400,000
16 Days On Site
127 Parker AvePassaic City, NJ 07055
For Sale|Multi Family|Active
0
Beds
0
Total Baths
3,792
SqFt
$369
/SqFt
1900
Built
County:
Passaic
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973-349-0459
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Fully occupied and recently updated, this 6-unit commercial apartment building delivers immediate cash flow with room for growth. Featuring five spacious 2-bedroom units and one 1-bedroom unit, plus six basement storage units for additional rental income, this property is designed for strong returns. Five of the six apartments have been renovated, attracting quality tenants and reducing maintenance costs. Located in the heart of Passaic with easy access to Route 21, Route 3, I-80, and NYC, the property sits in a high-demand rental market with minimal vacancy. Tenants enjoy proximity to major retailers like Home Depot, grocery stores, dining, public transportation, and essential services. With a current 6.7% cap rate and bonus income potential from storage rentals, opportunities like this are rare in today's market. Act quickly " this income-producing asset will move fast.
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Listing Snapshot
Price
$1,400,000
Days On Site
16 Days
Bedrooms
N/A
Inside Area (SqFt)
3,792 sqft
Total Baths
N/A
Full Baths
N/A
Partial Baths
N/A
Lot Size
0.07 Acres
Year Built
1900
MLS® Number
3980553
Status
Active
Property Tax
$8,509
HOA/Condo/Coop Fees
N/A
Sq Ft Source
N/A
Friends & Family
Recent Activity
| 2 weeks ago | Listing updated with changes from the MLS® | |
| 2 weeks ago | Listing first seen on site |
General Features
Acres
0.07
Number Of Stories
3
Parking
On Street
Property Sub Type
Multi Family
Security
Smoke Detector(s)
Sewer
Public Sewer
SqFt Total
3792
Water Source
Public
Zoning
R-3
Interior Features
Heating
Natural GasRadiant
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Exterior Features
Construction Details
Vinyl SidingWood Siding
Listing courtesy of PROMINENT PROPERTIES SIR
The data relating to real estate for sale on this website comes in part from the IDX Program of Garden State Multiple Listing Service, L.L.C. Real estate listings held by other brokerage firms are marked as IDX Listing. Notice: The dissemination of listings on this website does not constitute the consent required by N.J.A.C. 11:5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker. This information is being provided for Consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. Copyright © 2025 Garden State Multiple Listing Service, L.L.C. All rights reserved.
The data relating to real estate for sale on this website comes in part from the IDX Program of Garden State Multiple Listing Service, L.L.C. Real estate listings held by other brokerage firms are marked as IDX Listing. Notice: The dissemination of listings on this website does not constitute the consent required by N.J.A.C. 11:5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker. This information is being provided for Consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. Copyright © 2025 Garden State Multiple Listing Service, L.L.C. All rights reserved.
Neighborhood & Commute
Source: Walkscore
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