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    Prime Cape May Commercial Opportunity Title is generated by Realmo AI

    609 Jefferson Street, Cape May, NJ 08204

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    For Sale
    $4,290,000

    mixed use - Cape May, NJ

    Type:Mixed Use
    Property size:
    4,400 SF
    Price / SF:
    $975/SF
    Added:
    Nov 26, 2025
    Days on Market:
    175
    Last Refresh:
    May 20 at 7:06 pm

    Property Features for 609 Jefferson Street

    General Information

    Property type
    Other
    Property subtype
    Mixed Use
    Parking features
    Off Street
    Interior features
    Display Window
    Standard status
    Active
    Size
    4,400 SF

    Taxes and HOA fees

    Tax Annual Amount
    7874

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air, Electric

    Building Details

    Flooring type
    Other
    Building materials
    Frame
    Architectural style
    Other

    We can help!

    Listing Contact
    Gail Wilsey-Morrison

    Listing agent Gail Wilsey-Morrison

    Listing office Cape May 501 Lafayette St, NJ

    Listing date Nov 26, 2025

    MLS# 253439 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

    • Prime commercial location in the heart of Historic Cape May with high visibility and foot traffic.
    • Rare three‑parcel package including a 4,400 sq. ft. commercial building with a 2‑bedroom apartment.
    • Includes two adjacent vacant parcels totaling 6,144 sq. ft. for private parking and future development potential.
    • Apartment offers flexibility for owner use, staff housing, or rental income.
    • Existing commercial building features expansive, open retail space suitable for various business needs.
    • Off‑street parking, a highly desirable amenity in downtown Cape May.

    Overview

    Located in the heart of Historic Cape May, this offering includes three parcels: 609 Jefferson Street, 902 Page Street, and 904 Page Street. The sale includes real estate only. The main commercial building at 609 Jefferson Street is a 4,400 sq. ft. structure situated on a 2,500 sq. ft. lot. Currently home to Wanderlust, it features expansive, open retail space on the first floor, suitable for merchandise display or reconfiguration. The second floor includes a 2-bedroom, 1-bath apartment, ideal for owner use, staff housing, or additional income. 902 Page Street, located directly behind the Jefferson Street storefront, offers 3,264 sq. ft. of vacant land currently used for dedicated store and owner parking. The third parcel, 904 Page Street, adds an additional 2,880 sq. ft. of land, offering possibilities for future development with city approval and variance, landscaping, storage, or continued use as supplemental parking.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail 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
    -74.9172798
    Latitude
    38.9354381

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    FAQs

    What type of property is this?
    Mixed-use property - Three-parcel package in Historic Cape May with commercial building and parking.
    Where is this mixed-use property located?
    The property is located at 609 Jefferson Street Cape May, NJ.
    What is the asking price?
    The asking price for this property is $4,290,000.
    What are key features of this property?
    This property features: Prime commercial location in the heart of Historic Cape May with high visibility and foot traffic.; Rare three‑parcel package including a 4,400 sq. ft. commercial building with a 2‑bedroom apartment.; Includes two adjacent vacant parcels totaling 6,144 sq. ft. for private parking and future development potential.
    (888) 536-0216
    We can help!
    Listing Contact
    Gail Wilsey-Morrison
    Real Estate License ID: 9807643
    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.

    More about this property
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