Kislak sells Passaic 13-unit mixed-use property for $4.3M

Highest per unit price achieved for a multifamily or mixed-use property in Passaic since 2019

The Kislak Co. on Tuesday announced the recent sale of a 13-unit mixed-use multifamily and retail property at 87-91 Market St. in Passaic for $4.3 million.

Kislak marketed the property on an exclusive basis, with Senior Vice Presidents Daniel Lanni and Robert Squires handling the assignment on behalf of the seller, 87-91 Market Street Equities LLC. The duo also procured the purchaser, 11 Pascack RE LLC.

“After the seller engaged us exclusively, we marketed the property and obtained the highest and best price for it. While the property sold for more than $330,000 per unit, among the highest prices per unit in Passaic, it also sold for a cap rate above 6.5%,” Squires said.

At $330,769 per unit, the sale represents the highest per-unit price achieved for a multifamily or mixed-use property in Passaic since 2019, according to data available from CoStar.

The four-story, 28,000-square-foot building was built in 2009 and includes a total of 13 units — three large, three-bedroom units and nine large, four-bedroom units with a strong retail tenant, Metro PCS, in the single ground floor retail unit — and underground parking for 13 cars.

Located in an Opportunity Zone, the property offers tax advantages that provide above-market returns.

Lanni added: “In this challenging investment real estate market, the sellers knew if they wanted to close quickly and efficiently, they would need proper representation. By leveraging our market expertise and broad client database, we procured multiple offers and helped guide the process from the start through to a successful finish.”

The property is positioned with convenient access to multiple commuter rails within three miles; transit/subway lines within 10 miles, and Newark Liberty International Airport just 16 miles away. Major colleges and universities are within a two- to six-mile radius of the property; shopping centers and malls are all just a mile away with several parks and recreational facilities within seven to eight miles distance of the property.