Seven-Unit Apartment Building with Commercial
For Sale
$1,599,995
5 S Main Street, Cape May Court House, NJ 08210
MULTI_FAMILY - Cape May Court House, NJ
Property Size4,200 SF
Lot Size0.11 Acres
Price / SF$380.95
Days on Market149
Property Features for 5 S Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
TB
Bedrooms
5
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 7, Bathroom 6, Dining Room, Basement, Bedroom 2, Bathroom 3, Bathroom 4, Bedroom 5, Bathroom 5, Laundry Room, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4
Patio and Porch features
Patio, Porch
Exterior features
Patio, Porch, Sidewalks
Lot features
Mainland
Subdivision
Cape May Court House
Standard status
Active
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10976
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Number of units
7
Listing Agency:
Houwzer LLC
(267) 765-2080
Listed By:
Patricia Gesswein · License #RS067440
(732) 620-0435
Added: Mar 27
Changed: Aug 3
Last Checked: Aug 22 at 8:06AM
MLS# 260763
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.
Investment Insights
Based on property information with market context.
This seven-unit mixed-use apartment building offers a combination of three commercial units and four residential apartments. The residential mix includes two-bedroom units with one full bath, plus a one-bedroom unit with one full bath. Each unit has separate electric service, with an additional house meter for common areas. Public water and sewer serve the building, with the three commercial units sharing a single water meter while all residential units are individually metered.
Heating and cooling are distributed across the property with modern, efficient systems. Central air conditioning is provided for Units 101, 102, 103, 301, and 302, while Units 201 and 202 use ductless mini-split air conditioning. Gas forced-air furnaces supply heating for Units 101, 102, 103, 301, and 302, and ductless heating units serve Units 201 and 202. In total, the building operates with five central HVAC systems and two ductless systems.
Additional improvements include approximately 4,200 square feet of interior space, a full unfinished basement, and low-maintenance vinyl siding. Parking is available with street parking in front and a municipal lot immediately behind the building. Patio and porch features are also included, and the property was built in 1920 on a 0.1056-acre lot in zoning TB.
Heating and cooling are distributed across the property with modern, efficient systems. Central air conditioning is provided for Units 101, 102, 103, 301, and 302, while Units 201 and 202 use ductless mini-split air conditioning. Gas forced-air furnaces supply heating for Units 101, 102, 103, 301, and 302, and ductless heating units serve Units 201 and 202. In total, the building operates with five central HVAC systems and two ductless systems.
Additional improvements include approximately 4,200 square feet of interior space, a full unfinished basement, and low-maintenance vinyl siding. Parking is available with street parking in front and a municipal lot immediately behind the building. Patio and porch features are also included, and the property was built in 1920 on a 0.1056-acre lot in zoning TB.
Key Highlights
- Seven‑unit mixed‑use building with three commercial units and four residential apartments
- Unit metering: separate electric service per unit plus a house meter for common areas
- Public water and sewer; commercial units share one water meter while residential units are individually metered
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
$57,145
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
3.57%
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%
$1,142,900
$1.1M
Cap Rate 7%
$816,357
$816.4K
Cap Rate 9%
$634,944
$634.9K
Market Conditions
NOI Build-Up for 4,200 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
$109.4K $26.04/SF
− Vacancy
−$5.5K −$1.30/SF
EGI
$103.9K $24.74/SF
− OpEx
−$46.8K −$11.13/SF
NOI
$57.1K $13.61/SF
Area
Cape May County, NJ
Vacancy
5.00%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,142,900
Cap Rate 7%
$816,357
Cap Rate 9%
$634,944
Alternative Uses
Best Use
Apartment 5plus
$816.4K
$714.3K – $952.4K
NOI $57,145 @ 7.0% cap · market cap 3.57%
Second Best
Retail
$695.5K
$608.6K – $811.4K
NOI $48,686 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$1.29M
$1.12M – $1.50M
NOI $89,994 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
826
Businesses Nearby
Explore this area
Business Placement
Demographics for 08210, NJ
17,635
Population
8,374
Households
2.1
Avg Household Size
47
Median Age
33%
College-Educated
93%
High-School Grad
68.5 sq mi
ZIP Area
257
Density / Sq Mi
$93,855
Median Household Income
$48,086
Median Earnings
$1,538
Median Rent
$337,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Seven-unit mixed-use building with public water and sewer, individual metering, and central and ductless HVAC systems under zoning TB.
Where is this apartment building located?
The property is located at 5 S Main Street Cape May Court House, NJ.
What is the asking price?
The asking price for this property is $1,599,995.
What are key features of this property?
This property features: Seven‑unit mixed‑use building with three commercial units and four residential apartments; Unit metering: separate electric service per unit plus a house meter for common areas; Public water and sewer; commercial units share one water meter while residential units are individually metered
