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    Turn-Key Professional Office Building Title is generated by Realmo AI

    309 S Main Street, Cape May Court House, NJ 08210

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    For Sale
    $550,000

    SINGLE_FAMILY - Cape May Court House, NJ

    Type:Office
    Property size:
    1,914 SF
    Lot size:
    0.31 Acres
    Price / SF:
    $287/SF
    Added:
    Jan 23, 2025
    Days on Market:
    483
    Last Refresh:
    May 21 at 5:06 pm

    Property Features for 309 S Main Street

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    TB
    Parking features
    Off Street
    Interior features
    Restroom
    Exterior features
    Sign
    Standard status
    Active
    Size
    1,914 SF
    Lot size
    0.31 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    6176

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1910
    Flooring type
    Carpet - Full

    We can help!

    Listing Contact
    James M. Cheney

    Listing agent James M. Cheney License #9700084

    Listing office JERSEY CAPE REALTY 739 Washington Street, Cape May, NJ

    Listing date Jan 23, 2025

    MLS# 250185

    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.

    HighLights

    • Turn‑key professional offices in a central downtown location
    • Suitable for a wide variety of professions
    • Offered largely furnished and ready to move in
    • Modern amenities including natural gas heat and central air conditioning
    • Well‑maintained building with recent updates (windows, siding, roof, driveway)
    • Detached garage (approx. 503 s.f.) for storage, parking, or workshop

    Overview

    This turn-key set of professional offices is situated in downtown Cape May Court House. The location is central to the whole county, making these offices suitable for a wide variety of professions, including attorneys, doctors, accountants, contractors, engineers, surveyors, title companies, and real estate agencies. Housed in a classic, 1910 craftsman-style building, the offices offer modern amenities. The well-maintained building is being offered largely furnished, ready for immediate occupancy. The building features natural gas, hot air heat, and central air conditioning throughout, and is fully insulated. It also has all vinyl replacement windows, CertainTeed vinyl siding, and a rigid asbestos roof. A recently repaved asphalt driveway and parking area are included, along with a detached garage (approximately 503 square feet) with electric for added storage, protected parking, or a workshop area. The property offers room for possible expansion on its large lot, which measures approximately 57 feet by 240 feet. The property size is 1,914 square feet.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $347.9K
    NOI $31,307 @ 9.00% cap · cautious / downside scenario
    Moderate
    $447.2K
    NOI $31,307 @ 7.00% cap · market / base-case scenario
    Aggressive
    $626.1K
    NOI $31,307 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $53.5k $27.96
    − Vacancy −$11.8k −$6.15
    EGI $41.7k $21.81
    − OpEx −$10.4k −$5.45
    NOI $31.3k $16.36
    1,914 SF · lease $27.96/SF/yr · vacancy 22.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $447.2K
    $391.3K – $521.8K (±1% cap)
    NOI $31,307 @ 7.0% cap · market cap 5.69%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $585.9K
    $512.7K – $683.5K (±1% cap)
    NOI $41,012 @ 7.0% cap · market cap 7.46%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tompkins Builders Construction Company

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    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
    -74.8265762
    Latitude
    39.0772967

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    FAQs

    What type of property is this?
    Office building - Strategically located, furnished offices suitable for various professions.
    Where is this office building located?
    The property is located at 309 S Main Street Cape May Court House, NJ.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: Turn‑key professional offices in a central downtown location; Suitable for a wide variety of professions; Offered largely furnished and ready to move in
    (609) 408-1948
    We can help!
    Listing Contact
    James M. Cheney
    Real Estate License ID: 9700084
    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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