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    525 Elmira St Cape May, NJ 08204

    Sponsored
    For Sale
    $1,300,000

    Commercial/Industrial - Cape May, NJ

    Property size:
    5,000 SF
    Days on Market:
    135
    Last Refresh:
    Feb 17 at 8:06 am

    Property Features for 525 Elmira St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    c-5
    Size
    5,000 SF

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Central Air

    Building Details

    Number of units
    3
    Architectural style
    Other

    We can help!

    Listing Contact
    Jackson VonSavage

    HOFFMAN AGENCY 5228177

    Listing agent Jackson VonSavage (609) 522-8177 License #1536347

    Listing date Oct 6, 2025

    MLS# 252960 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

    Versatile Commercial Space in Cape May

    This property, formerly the Morrow’s Nut Factory, has been converted to office space and is licensed for warehouse, office, and bakery use. Located in Cape May’s C-5 Commercial District, the property offers approximately 4,800 square feet of adaptable commercial space on an oversized 18,000 square-foot lot. The building is in good condition with a newer roof. Interior features include office areas, second-floor storage with a conveyor belt, and a utility kitchen with a hood, sink, and prep area. The property includes a First Right of Refusal to purchase 615 Broad Street, which sits on an oversized lot and contains an existing structure. C-5 zoning allows a wide range of uses including warehousing, retail, contractor or trade businesses, wholesale distribution, professional offices, personal services, research and development, and other general commercial uses. The lot exceeds the 10,000 SF minimum, providing flexibility for expansion or redevelopment. The property size is approximately 5,000 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

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

    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
    -74.9238501
    Latitude
    38.9360107

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    FAQs

    What type of property is this?
    Warehouse - Adaptable commercial space licensed for warehouse, office, and bakery use.
    Where is this warehouse located?
    The property is located at 525 Elmira St Cape May, NJ.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: - Adaptable 4,800 SF commercial space, licensed for warehouse, office, and bakery use.; - Oversized 18,000 SF lot in C-5 Commercial District allows for expansion or redevelopment.; - Includes First Right of Refusal for adjacent property at 615 Broad Street (oversized lot with existing structure).
    (609) 827-9770
    Request Owner's contact information
    525 Elmira St Cape May, NJ 08204
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    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
    525 Elmira St Cape May, NJ 08204
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    We can help!
    Listing Contact
    Jackson VonSavage
    Real Estate License ID: 1536347
    (609) 827-9770 (609) 522-8177
    Learn more
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