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    1352 Washington St Cape May, NJ 08204

    View on Map
    Sponsored
    For Sale
    $1,999,999

    Other - Cape May, NJ

    Days on Market:
    4
    Last Refresh:
    Mar 23 at 7:06 pm

    Property Features for 1352 Washington St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R-2
    Rooms
    Basement
    Parking features
    Assigned, Driveway
    Exterior features
    Fenced Yard, Sidewalks
    Fencing
    Fenced
    Basement Y/N
    1

    Utilities

    Heating system
    Natural Gas, Zoned (Heating)

    Building Details

    Year built
    1920
    Number of units
    5
    Architectural style
    Other

    We can help!

    Listing Contact
    Dagmer Chew

    HomeStead Real Estate Company

    Listing agent Dagmer Chew License #9591186

    Listing date Mar 20, 2026

    MLS# 260686 Listing URL

    Copyright © 2026 Cape May County Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic District Redevelopment Opportunity

    Located within the Historic District, this mixed-use property presents a redevelopment opportunity. The existing structure is considered non-contributing, while the on-site billboard, dating back to the 1920s and refurbished in the mid-70s, is recognized as a contributing feature. The property currently includes four residential units and one commercial space, which is a barber shop. Originally designed as four rental areas with rental rooms on the third floor, the property now includes one one-bedroom unit and three two-bedroom units, each with a living room, kitchen, and bath. The third floor, historically used for room rentals, has not been occupied for decades and is presently utilized for storage only with no current egress. The property features a full basement with both interior and exterior access, housing separate heating systems and hot water infrastructure. Three residential units are separately metered, and one unit shares utilities with the commercial space. Heating is natural gas baseboard, and there is no central air conditioning. Ample on-site parking is available, including a dedicated lot servicing both residential tenants and the commercial unit, with defined ingress and egress driveways. All residential tenants are month-to-month, offering flexibility for repositioning or redevelopment. The commercial lease is also month to month. The seller requests a leaseback period for the two 2nd floor units that they currently occupy personally of approximately 6–8 months following settlement.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cape May
    County
    Cape May
    State
    New Jersey
    Longitude
    -74.9111552
    Latitude
    38.94549

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with redevelopment potential in a historic district.
    Where is this mixed-use property located?
    The property is located at 1352 Washington St Cape May, NJ.
    What is the asking price?
    The asking price for this property is $1,999,999.
    What are key features of this property?
    This property features: - Prime redevelopment opportunity in a Historic District; - Billboard on-site is a recognized contributing feature; - Ample on-site parking with defined ingress and egress
    (609) 898-1944
    Request Owner's contact information
    1352 Washington St Cape May, NJ 08204
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1352 Washington St Cape May, NJ 08204
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    We can help!
    Listing Contact
    Dagmer Chew
    Real Estate License ID: 9591186
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