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: Jun 26 Last Checked: Aug 12 at 7:06AM

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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.

A freestanding retail food market building of approximately 2,000 square feet (40 by 50), offered as-is and currently operating as a retail food market business. The property sits on 1.7 acres and includes an ADT alarm system. A NJ Lottery machine is currently in place and may be transferable upon sale, subject to applicable requirements.

The building is located on a busy corner at Route 47 and Court House-South Dennis Road in South Dennis. The site provides ample parking in both the front and rear, supporting convenient customer access for a retail use.

This property is well suited for buyers looking for a storefront-ready format with the option to continue a retail food market operation or explore other business uses. Prior to closing, the seller will consider serious offers. The building itself is for sale; inventory, furnishings, and equipment are to be sold separately or negotiated prior to closing. All inspections and due diligence will be the responsibility of the buyer in accordance with Dennis Township requirements, and the property is shown by appointment only with a 48-hour notice.

Key Highlights

• High‑visibility location on a busy corner of Route 47 & Court House‑South Dennis Road.
• Commercial building with approximately 2,000 sq ft on 1.7 acres.
• Versatile space suitable for various businesses, previously a restaurant/diner and currently a retail food market.

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

Property Profile

Current Use

Grocery and convenience stores

Suggested Use

Top Pick Auto Parts Store Electrical Service Hair Salon Grocery & Convenience Store (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

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Frequently Asked Questions

What type of property is this?

Grocery and convenience store - Freestanding 2,000 SF retail building on a busy corner with ample front and rear parking.

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: High‑visibility location on a busy corner of Route 47 & Court House‑South Dennis Road.; Commercial building with approximately 2,000 sq ft on 1.7 acres.; Versatile space suitable for various businesses, previously a restaurant/diner and currently a retail food market.