Historic Five-Unit Apartment
For Sale
$2,835,000
933 Washington St, Cape May, NJ 08204
Historic multi-unit property with private kitchens, bathrooms, separate entrances, and outdoor spaces for each seasonal apartment.
Property Size13,000 SF
Lot Size0.32 Acres
Price / SF$218.08
Days on Market9
Property Features for 933 Washington St
General Information
Standard status
Active
Size
13,000 SF
Total Parking Spaces
6
Lot size
0.32 Acres
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
5
Amenities
outdoor shower
front porch
gardens
storage shed
security system
irrigation system
sun decks
fenced yard
Building Details
Year Built
1876
Buildings
1
Stories
3
Construction
French Second Empire
Tenancy
Multi
Listing Agency:
JERSEY CAPE REALTY
(609) 408-1948
Listed By:
James M. Cheney · License #9700084
Source:
Southjerseyshorehomesfinder
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 30 at 12:35PM
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 JERSEY CAPE REALTY
Investment Insights
Based on property information with market context.
Built in 1876, this three-level apartment building with a half-daylight partial basement is configured as five units. The first floor includes a two-bedroom Owner’s Quarters and a separate one-bedroom apartment, while the second floor contains two two-bedroom apartments and the third floor provides another two-bedroom apartment. Each unit has a private kitchen and bathroom, with the apartments reached through dedicated rear entrances and sun decks. The building includes approximately 4,488 square feet of living space and features French Second Empire architecture with a Mansard-style roof.
The property occupies the corner of Washington Street and Madison Avenue in Cape May, with access to the Washington Street Mall, beaches, restaurants, cafes, and the Historic District. A Madison Avenue driveway accommodates six vehicles. Additional improvements include landscaped grounds with irrigation, a fenced rear outdoor area, custom outdoor shower and bath, front porch, storage shed, beach chair box, and security and fire alarm systems. Heating is provided by a natural gas-fired hot water boiler with radiators throughout the house.
The property occupies the corner of Washington Street and Madison Avenue in Cape May, with access to the Washington Street Mall, beaches, restaurants, cafes, and the Historic District. A Madison Avenue driveway accommodates six vehicles. Additional improvements include landscaped grounds with irrigation, a fenced rear outdoor area, custom outdoor shower and bath, front porch, storage shed, beach chair box, and security and fire alarm systems. Heating is provided by a natural gas-fired hot water boiler with radiators throughout the house.
Key Highlights
- Five‑unit configuration with two‑bedroom and one‑bedroom apartments
- Approximately 4,488 square feet of living space
- Built in 1876 with French Second Empire architecture and a Mansard‑style roof
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
$176,877
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
6.24%
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%
$3,537,540
$3.5M
Cap Rate 7%
$2,526,814
$2.5M
Cap Rate 9%
$1,965,300
$2.0M
Market Conditions
NOI Build-Up for 13,000 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
$338.5K $26.04/SF
− Vacancy
−$16.9K −$1.30/SF
EGI
$321.6K $24.74/SF
− OpEx
−$144.7K −$11.13/SF
NOI
$176.9K $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%
$3,537,540
Cap Rate 7%
$2,526,814
Cap Rate 9%
$1,965,300
Alternative Uses
Best Use
Apartment 5plus
$2.53M
$2.21M – $2.95M
NOI $176,877 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.98M
$3.48M – $4.64M
NOI $278,554 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
950
Businesses Nearby
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic multi-unit property with private kitchens, bathrooms, separate entrances, and outdoor spaces for each seasonal apartment.
Where is this apartment building located?
The property is located at 933 Washington St Cape May, NJ.
What is the asking price?
The asking price for this property is $2,835,000.
What are key features of this property?
This property features: Five‑unit configuration with two‑bedroom and one‑bedroom apartments; Approximately 4,488 square feet of living space; Built in 1876 with French Second Empire architecture and a Mansard‑style roof
