Date
Details
Price
Change
Source
6/17/2026
Listed
$850,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
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$850,000
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Property Description
An exceptional, turnkey cash-flow opportunity in the heart of Passaic, this building consists of two one-bedroom apartments and 9 - rent rooms. It is fully licensed by the New Jersey Department of Community Affairs (NJDCA) as a rooming house, 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 2020. 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.The two one-bedroom apartments have their own bathrooms and kitchens. The nine rent rooms share two bathrooms 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.
Full Property Details
Full Property Details for 196 Madison St
General
- Price: $850,000
- Taxes: $14,903 (2025)
- Status: Active
- Type: Apartment
- Source: Garden_State
- MLS ID: 4035520
- Updated: 6/18/2026
- Added to Site: 72 day(s) ago
Business
- Includes: Building & Land
Rooms
Bathrooms
- Total Bathrooms: 2
- Restrooms: 4
Additional Information
- Equipment: Fire Alarm, Security System
Exterior
- Color: Blue
Parking
- Parking: On-Street Parking
Location
- County: Passaic
- Driving Directions: Main Ave to Lexington to Madison. NE corner of Hoover and Madison.
- Location Details: Residential Area
Heating & Cooling
- Cooling Type: 3 Units
- Heating Type: 3 Units
- Heating Fuel: Natural Gas
Utilities
- Sewer: Public Sewer
- Water: Public Water
- Utility Description: Electric, Natural Gas, Cable TV Available, Internet Available
Structural Information
- Construction: Wood
- Exterior Const.: Vinyl Siding
- Basement: Yes
- Basement Desc.: Full, Unfinished
- Roof: Asphalt Shingles
- Stories in Building: 3
- Square Feet: 2,526
- Year Built: 1930
- Remodeled/Updated: 2020
Unit Information
- 1 Bedroom Units: 2
- Units w/Full Bath: 2
Lot Features
- Lot Size (Acres): 0.11
- Lot Size: 45X105
- Zoning: R-3
- Lot Description: Corner
Financial Considerations
- Price Per Sq. Ft.: $336
- Expenses: Accounting/Legal, Electricity, Gas/Oil, Insurance, Maintenance - Interior, Property Management, Taxes, Water/Sewer
- Operating Expenses: $51,309
- Assessment Amount: $350,000
- Land Assmt: $66,300
- Tax Amount: $14,903
- Tax Year: 2025
- Pays Utilities: Other
Disclosures and Reports
- Ownership: Fee Simple
- Documents Avail.: Income & Expenses
- APN: 2507-04123-0000-00045-0000-
- Block: 4123
- Lot Number: 45
Listed by Corey J Schneider
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Listing agent
— 196 Madison St —
Corey J Schneider
973-472-3909
NMLS#: 1598647Get Pre-Approved Today
Schools
Schools serving 196 Madison St
School District:Passaic City School District
| Name | Grades | Distance |
|---|---|---|
Number 6 Martin L King 85 Hamilton Avenue, Passaic, NJ 07055 | PK-8 | 0.1 mi |
Passaic High School 170 Paulison Avenue, Passaic, NJ 07055 | 9-12 | 0.5 mi |
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 196 Madison St
Tax History
Tax History for 196 Madison St
Year
Property Taxes
Change
Tax Assessment
Change
2025
$14,903
-20%
$350,000
-27%
2022
$18,597
87%
$478,800
81%
2021
$9,930
5%
$264,100
—
2018
$9,502
-2%
$264,100
—
2019
$9,711
5%
$264,100
—
2017
$9,209
4%
$264,100
—
2016
$8,895
-8%
$264,100
106%
2015
$9,701
2%
$128,100
—
2014
$9,523
—
$128,100
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 196 Madison St
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- Single Family
- Active
- Updated 3 days ago
- 5Beds
- 4Total Baths
Listed by Modern Realty Group
- Duplex
- Active
- Updated 1 day ago
- 5Beds
- 3Total Baths
Listed by Keller Williams Prosperity Realty
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- Single Family
- Active
- Updated 7 days ago
- 3Beds
- 1Total Bath
Listed by United Real Estate
- Commercial Lease
- Active
Listed by The Agency One Rock-Franklin Lakes
- Single Family
- Active
- Updated 7 days ago
- 3Beds
- 2Total Baths
Listed by United Real Estate
- Single Family
- Active
- Updated 10 hours ago
- 5Beds
- 4Total Baths
Listed by Coldwell Banker Realty
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- Single Family
- Closed
- 5Beds
Listed by Dwell Realty
Sold by Dwell Realty
Sold by Dwell Realty
196 Madison St, Passaic, NJ 07055 (MLS# 4035520) is a Apartment property. 196 Madison St is currently listed for $850,000 and was received on June 17, 2026. Want to learn more about 196 Madison St? Do you have questions about finding other Apartment real estate for sale in Passaic? You can browse all Passaic real estate or contact a Coldwell Banker agent to request more information.