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    Mixed-Use Building on Large Lot Title is generated by Realmo AI

    38 Route 47 S, Cape May Court House, NJ 08210

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    Pending
    $574,777

    mixed use - Cape May Court House, NJ

    Type:Mixed Use
    Added:
    Jun 18, 2025
    Days on Market:
    326
    Last Refresh:
    May 9 at 5:06 pm

    Property Features for 38 Route 47 S

    General Information

    Property type
    Other
    Property subtype
    Mixed Use
    Parking features
    Off Street, Paved or Surfaced
    Security features
    Fire Alarm
    Interior features
    Restroom, Smoke/Fire Alarm, Storage
    Exterior features
    Solar Panels-Leased
    Standard status
    Pending

    Taxes and HOA fees

    Tax Annual Amount
    10885

    Utilities

    Heating system
    Forced Air, Natural Gas, Zoned (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1970
    Flooring type
    Hardwood, Linoleum, Vinyl
    Building materials
    Other, See Remarks
    Architectural style
    Other

    We can help!

    Listing Contact
    Brian T Reed

    Listing agent Brian T Reed

    Listing office Wildwood AEL 2500 New Jersey Ave, Unit 100, NJ

    Listing date Jun 18, 2025

    MLS# 251783 Listing URL

    Copyright © 2026 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Mixed‑use property featuring a commercial building and a 3‑bedroom rancher on 3 acres.
    • Commercial space is clean and ready for immediate occupancy, suitable for various businesses (subject to township approval).
    • Solar panel field provides free residential electricity and an annual rebate (approx. $500).
    • High‑visibility location on Route 47, ideal for business exposure.
    • Ample parking: 12 spaces for commercial use plus a driveway and garage for the residence.
    • Separate buildings: Commercial building (built around 1990) and residential rancher (built around 1970).

    Overview

    This mixed-use property is situated on a 3-acre lot. The property includes a commercial building formerly used as a veterinary facility, featuring offices and kennels. Additionally, there is an expansive 3-bedroom ranch-style home. Both the commercial and residential spaces are currently vacant and ready for immediate occupancy. A solar panel field is present, which covers the residential electric costs and provides an annual rebate of approximately $500. Parking is available for 12 cars for the commercial property, along with an additional driveway and garage for the single-family home. Located on Route 47, the property offers exposure to high traffic volume heading towards the southern shore points. The home was built around 1970, and the commercial building was constructed in 1990. Interested parties should verify allowed uses with Middle Township.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Restaurant Law Firm Hair Salon Building Supply Auto Repair Shop Big Box & Wholesale Store Grocery & Convenience Store Food Market HVAC Service Electrical Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Cape May Court House
    County
    Cape May
    State
    New Jersey
    Longitude
    -74.880009
    Latitude
    39.089556

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with residential and commercial spaces on 3 acres.
    Where is this mixed-use property located?
    The property is located at 38 Route 47 S Cape May Court House, NJ.
    What is the asking price?
    The asking price for this property is $574,777.
    What are key features of this property?
    This property features: Mixed‑use property featuring a commercial building and a 3‑bedroom rancher on 3 acres.; Commercial space is clean and ready for immediate occupancy, suitable for various businesses (subject to township approval).; Solar panel field provides free residential electricity and an annual rebate (approx. $500).
    (888) 536-0216
    We can help!
    Listing Contact
    Brian T Reed
    Real Estate License ID: 0569168
    Learn More
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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.

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