Authorities say the suspect made a 911 call at about 5 p.m. Saturday.
When police arrived at the home on Passaic Street, they discovered the body of the male victim downstairs in the rear of the house.
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The gunman, identified as John Wisse, was upstairs with a .38 caliber handgun, police say.
According to investigators, Wisse, the owner of the home, had a dispute with the tenant and allegedly shot him once in the chest.
The victim is identified as 38-year old Gerald Velardi, Jr.
Bail for Wisse is set $750,000.