Building Details

Buildings 1

Stories 1

Listing Agency: RE/MAX SURFSIDE

Listed By: Brian Groetsch, Jr · License #0451111 Show Phone

Source: Exprealty

Added: Oct 5 Changed: Oct 16 Last Checked: Oct 16 at 2:18PM

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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 RE/MAX SURFSIDE

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Investment Insights

Based on property information with market context.

This two-level medical office property has a reception area, an open conference and work space, three private offices, and a restroom on the main floor. The finished lower level provides a break room with kitchenette cabinetry, a utility and laundry room, and separate storage. Interior features include vaulted ceilings, recessed LED lighting, tile in shared areas, and carpet tile in the offices. Natural gas forced-air heat and central air conditioning serve both levels; the property also has city water and sewer.

The building fronts Bayshore Road on a 50x102 lot in the GB-1 General Business zone and sits outside the flood hazard area. The site has five parking spaces, including an accessible space, plus a ramp to the entrance. The zoning allows a range of uses, including professional and medical offices, therapy, retail, a café, and a laundromat. Class 5 cannabis retail and Class 6 delivery are permitted in the GB-1 Cannabis Overlay, subject to township requirements.

Key Highlights

• Medical office layout includes reception, open work and conference area, and three private offices
• Finished lower level with break room, kitchenette cabinetry, laundry and utility room, and separate storage
• 50x102 lot fronting Bayshore Road, outside the flood hazard area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$11,515

Cap Rate

2.89%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$230,300 $230.3K

Cap Rate 7%

$164,500 $164.5K

Cap Rate 9%

$127,944 $127.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 704 SF

Gross rent

$19.7K $27.96/SF

− Vacancy

−$4.3K −$6.15/SF

EGI

$15.4K $21.81/SF

− OpEx

−$3.8K −$5.45/SF

NOI

$11.5K $16.36/SF

Area

Cape May County, NJ

Vacancy

22.00%

Lease Rate

$27.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$230,300

Cap Rate 7%

$164,500

Cap Rate 9%

$127,944

Alternative Uses

Best Use

Office B

$164.5K

$143.9K – $191.9K (±1% cap)

NOI $11,515 @ 7.0% cap · market cap 2.89%

Second Best

Healthcare Medical

$158.4K

$138.6K – $184.8K (±1% cap)

NOI $11,088 @ 7.0% cap · market cap 2.78%

Theoretical Best

Office A

$215.5K

$188.6K – $251.4K (±1% cap)

NOI $15,085 @ 7.0% cap · market cap 3.78%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Law Firm Dental Office Hair Salon Real Estate Agency Building Supply Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

282

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 08204, NJ

17,090

Population

13,101

Households

1.3

Avg Household Size

54

Median Age

38%

College-Educated

95%

High-School Grad

20.5 sq mi

ZIP Area

834

Density / Sq Mi

$80,782

Median Household Income

$46,104

Median Earnings

$1,149

Median Rent

$399,200

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Similar Off Market Nearby

• Moffatt Robert DVM — 694 Petticoat Creek Ln, Cape May, NJ 08204
• Panaccio Robert DVM — 694 Petticoat Creek Ln, Cape May, NJ 08204
• Cape May Veterinary Hospital — 694 Petticoat Creek Ln, Cape May, NJ 08204

Frequently Asked Questions

What type of property is this?

Medical Office Space - A reception area, three private offices, and a finished lower level support professional or clinical operations.

Where is this medical office space located?

The property is located at 3840 Bayshore Rd North Cape May, NJ.

What is the asking price?

The asking price for this property is $399,000.

What are key features of this property?

This property features: Medical office layout includes reception, open work and conference area, and three private offices; Finished lower level with break room, kitchenette cabinetry, laundry and utility room, and separate storage; 50x102 lot fronting Bayshore Road, outside the flood hazard area