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    Renovated Apartment in Cape May Title is generated by Realmo AI

    202-5 S Main Street, Cape May Court House, NJ 08210

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    For Lease
    $2,200 /Mo

    Recently renovated 2-bedroom apartment in the heart of Cape May.

    Added:
    May 7, 2026
    Days on Market:
    27
    Last Refresh:
    May 25 at 8:31 pm

    Property Features for 202-5 S Main Street

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Patricia M Gesswein
    Patricia M Gesswein

    Listing agent Patricia M Gesswein License #RS067440

    Listing office Houwzer LLC-Haddonfield

    Listing date May 7, 2026

    Source Exprealty

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Houwzer LLC-Haddonfield

    HighLights

    • Prime Downtown Location: Steps away from restaurants, coffee shops, and dining.
    • Recently Renovated apartment with modern updates.
    • Hardwood Floors and Tile throughout living spaces and bathroom.
    • Stainless Steel Appliances in the kitchen.
    • Functional Layout with bedrooms on opposite ends for privacy.
    • Natural Light fills the primary bedroom through large windows.

    Overview

    This 2-bedroom, 1-bath apartment is located in downtown Cape May Court House, within one block of restaurants, coffee shops, and local dining options. The unit was recently renovated and features hardwood floors throughout, with tile flooring in the full bathroom. The kitchen offers bright white cabinetry and stainless steel appliances. Upon entering, you step into the living area, which flows seamlessly into the kitchen, with additional space for a small dining table. The two bedrooms are situated on opposite ends of the living space, providing privacy and functionality. The primary bedroom features large windows that bring in plenty of natural light. This apartment is located on the second floor of a walk-up building (no elevator). The building includes 3 commercial units on the first floor and 4 residential units on the second and third floors. Parking is in the municipal lot behind the building. The tenant pays for water, gas, electric, telephone, cable, and internet. The landlord pays for sewer. There is no smoking in the units or on the premises. Renter is responsible for taking their trash to the curb each week.
    Location Intelligence

    Current Use by Public Records

    Residential income properties

    Suggested Use

    Real Estate Agency Law Firm Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center Hotel & Motel Auto Parts Store

    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
    -74.8600526
    Latitude
    39.0404011

    Nearby Similar for Lease

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    • $1,800/Mo

      Commercial Unit in Cape May

      First-floor commercial unit with private entrances and flexible layout.
      5 S Main Street, Cape May Court House, NJ 08210
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    • Contact for pricing
      2,700 SF

      Route 9 Frontage Available

      Prime location with high visibility and ample parking.
      1173 S Rte. 9, Cape May Court House, NJ 08210
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    FAQs

    What type of property is this?
    Residential income property - Recently renovated 2-bedroom apartment in the heart of Cape May.
    Where is this residential income property located?
    The property is located at 202-5 S Main Street Cape May Court House, NJ.
    What is the lease rate?
    The lease rate is $2,200 /Mo.
    What are key features of this property?
    This property features: Prime Downtown Location: Steps away from restaurants, coffee shops, and dining.; Recently Renovated apartment with modern updates.; Hardwood Floors and Tile throughout living spaces and bathroom.
    (732) 620-0435
    We can help!
    Listing Contact
    Patricia M Gesswein
    Patricia M Gesswein
    Real Estate License ID: RS067440
    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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