Six-Unit Mixed-Use
For Sale
Under Contract
$1,000,000
2004 Bayshore Road, Villas, NJ 08251
COMMERCIAL/INDUSTRIAL, Villas, NJ
Property Size6,700 SF
Lot Size0.97 Acres
Price / SF$149.25
Days on Market53
Property Features for 2004 Bayshore Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Off Street
Exterior features
Sign
Lot features
Mainland
Directions
Corner of Bayshore Rd & Kentucky Ave
Subdivision
Lower Twp
Standard status
Active Under Contract
Lot size
0.97 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13552
Utilities
Sewer type
Public Sewer
Heating system
Propane (Heating), Natural Gas, Electric (Heating)
Cooling system
Electric, Window Unit(s), Central Air
Water source
Well
Building Details
Number of units
6
Listing Agency:
Re/Max Surfside-Cape May
(609) 884-4242
Listed By:
KATHLEEN HARRON · License #0447965
(609) 780-3938
Added: Jul 13
Changed: Aug 27
Last Checked: Sep 3 at 10:06PM
MLS# 609984
Copyright © 2026 South Jersey Shore Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property contains approximately 6,700 square feet arranged as five commercial units and one residential apartment. All six spaces are occupied, combining business and residential uses within one income-producing asset. Improvements completed since 2022 include new siding, expanded parking, parking lot upgrades, and renovations to the second-floor office and one-bedroom apartment. The property also has back-lit signage and off-street parking.
The building is located at 2004 Bayshore Road in Villas, south of Fulling Mill Road. The site encompasses 0.97 acres and is served by well water and public sewer. Heating sources include propane, natural gas, and electric systems, while cooling is provided by electric equipment, window units, and central air.
The building is located at 2004 Bayshore Road in Villas, south of Fulling Mill Road. The site encompasses 0.97 acres and is served by well water and public sewer. Heating sources include propane, natural gas, and electric systems, while cooling is provided by electric equipment, window units, and central air.
Key Highlights
- Approximately 6,700 square feet on 0.97 acres
- Five commercial units plus one residential apartment
- All six spaces are currently occupied
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$60,099
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,201,980
$1.2M
Cap Rate 7%
$858,557
$858.6K
Cap Rate 9%
$667,767
$667.8K
Market Conditions
NOI Build-Up for 6,700 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$104.5K $15.60/SF
− Vacancy
−$8.4K −$1.25/SF
EGI
$96.2K $14.35/SF
− OpEx
−$36.1K −$5.38/SF
NOI
$60.1K $8.97/SF
Area
Cape May County, NJ
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,201,980
Cap Rate 7%
$858,557
Cap Rate 9%
$667,767
Alternative Uses
Best Use
Office B
$1.57M
$1.37M – $1.83M
NOI $109,589 @ 7.0% cap · market cap 10.96%
Second Best
Healthcare Medical
$1.51M
$1.32M – $1.76M
NOI $105,525 @ 7.0% cap · market cap 10.55%
Theoretical Best
Office A
$2.05M
$1.79M – $2.39M
NOI $143,562 @ 7.0% cap · market cap 14.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 08251, NJ
10,075
Population
6,716
Households
1.5
Avg Household Size
46
Median Age
24%
College-Educated
94%
High-School Grad
7.0 sq mi
ZIP Area
1,439
Density / Sq Mi
$76,433
Median Household Income
$48,341
Median Earnings
$1,468
Median Rent
$275,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Occupied commercial and residential spaces include renovated offices and an apartment.
Where is this mixed-use property located?
The property is located at 2004 Bayshore Road Villas, NJ.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Approximately 6,700 square feet on 0.97 acres; Five commercial units plus one residential apartment; All six spaces are currently occupied
