Building Details

Year built 1955

Number of units 1

Listing Agency: Coldwell Banker James C Otton Real Estate - CMCH j***@avalonnj.com Show Phone

Listed By: Diane V. Walker · License #8831111 Show Phone

Added: May 8, 2025 Changed: Sep 12 Last Checked: Sep 12 at 12:06PM

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MLS# 251350

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 approximately 2,000-square-foot commercial building occupies a 1.7-acre parcel and is currently configured for a retail food-market business. The 40-by-50-foot structure dates to 1955 and includes restrooms, central air, fire sprinklers, propane and natural-gas heating, and a well water source. An ADT alarm system and NJ Lottery machine are in place and may be transferable upon sale. The building is offered as-is, with inventory, furnishings, and equipment handled separately or negotiated before closing.

The property sits at the corner of Route 47 and Court House-South Dennis Road, with parking positioned in both the front and rear. Its commercial setting supports the existing food-market layout, while a prior restaurant/diner use provides additional documented operating history. Buyer inspections and due diligence are required under Dennis Township requirements, and showings are available by appointment with 48 hours’ notice.

Key Highlights

• Approximately 2,000‑square‑foot building on 1.7 acres
• Corner location at Route 47 and Court House‑South Dennis Road
• Current retail food‑market use; prior restaurant/diner use

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

$30,456

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

5.54%

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%

$609,120 $609.1K

Cap Rate 7%

$435,086 $435.1K

Cap Rate 9%

$338,400 $338.4K

Market Conditions

NOI Build-Up for 2,000 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

$43.2K $21.60/SF

− Vacancy

−$2.6K −$1.30/SF

EGI

$40.6K $20.30/SF

− OpEx

−$10.2K −$5.08/SF

NOI

$30.5K $15.23/SF

Area

Cape May County, NJ

Vacancy

6.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

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%

$609,120

Cap Rate 7%

$435,086

Cap Rate 9%

$338,400

Alternative Uses

Best Use

Specialty Retail

$435.1K

$380.7K – $507.6K (±1% cap)

NOI $30,456 @ 7.0% cap · market cap 5.54%

Second Best

Retail

$331.2K

$289.8K – $386.4K (±1% cap)

NOI $23,184 @ 7.0% cap · market cap 4.22%

Theoretical Best

Office A

$612.2K

$535.7K – $714.2K (±1% cap)

NOI $42,854 @ 7.0% cap · market cap 7.79%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Grocery and convenience stores

Suggested Use

Top Pick Auto Parts Store Electrical Service Grocery & Convenience Store Hair Salon (Bike/Boat/Book/etc) Store Nail Salon

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

Location Intelligence

Trade Area within ½ mile

30

Businesses Nearby

Well-served

Demand for This Use

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 Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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What type of property is this? Where is this grocery and convenience stores located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Grocery and convenience store - Retail food-market building with parking, central air, fire sprinklers, and a corner position along two roads.

Where is this grocery and convenience store located?

The property is located at 780 Route 47 South Dennis, NJ.

What is the asking price?

The asking price for this property is $549,999.

What are key features of this property?

This property features: Approximately 2,000‑square‑foot building on 1.7 acres; Corner location at Route 47 and Court House‑South Dennis Road; Current retail food‑market use; prior restaurant/diner use