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    202 Ocean St Cape May, NJ 08204

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    202 Ocean St Cape May, NJ 08204

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    • Commercial real estate
    Off-Market
    Property ID
    US59-0137222
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 202 Ocean St

    Property type
    Commercial real estate

    Description

    Captain Mey's Inn, a renowned Cape May bed and breakfast, presents a unique investment opportunity. This iconic property, located at 202 Ocean Street in Cape May, New Jersey (zip code 08204), is a three-story building encompassing 7,900 square feet on a single lot. The property features nine beautifully renovated bedrooms, each with its own bathroom, offering a total of nine units. Its prime location, just two blocks from the Cape May Mall and the beach, ensures high occupancy rates. The charming exterior includes a wrap-around porch, perfect for enjoying the seaside breeze. The interior boasts exquisite millwork and meticulous attention to detail, showcasing exceptional craftsmanship throughout. A significant advantage is the inclusion of a neighboring parking lot at 206 Ocean Street, providing ample off-street parking for guests – a rare and valuable asset in Cape May. Currently operating as a successful business, this property is offered at an asking price of $4,750,000 with an occupancy date of October 20, 2024. This is a chance to acquire a piece of Cape May history and a thriving hospitality business. Serious inquiries only. Appointments are required to view the property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cape May
    County
    Cape May
    State
    New Jersey
    Longitude
    -74.921058326958
    Latitude
    38.932446465988

    Comparable in this City

    • $2,860,000
      4,488 SF

      Historic Cape May Apartment Building

      Four seasonal rental apartments plus owner's quarters in prime location.
      933 Washington St, Cape May, NJ 08204
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    • $3,199,000

      Historic Cape May Victorian Duplex

      Charming Victorian duplex in Cape May's Historic District.
      626 Hughes St, Cape May, NJ 08204
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    • $2,850,000
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      Victorian Charm in Cape May

      Coastal retreat near the beach and historic district.
      225-227 Windsor Ave, Cape May, NJ 08204
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    • $4,290,000
      4,400 SF

      Prime Mixed-Use Cape May Opportunity

      Three-parcel package in historic Cape May with commercial building and potential.
      609 Jefferson St, Cape May, NJ 08204
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    • $4,290,000
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      Prime Cape May Commercial Opportunity

      Three-parcel package in Historic Cape May with commercial building and parking.
      609 Jefferson St, Cape May, NJ 08204
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    • $4,290,000
      4,400 SF

      Prime Cape May Commercial Opportunity

      Three-parcel package in historic Cape May with retail and parking.
      609 Jefferson St, Cape May, NJ 08204
      View Details

    Similar Nearby for Sale

    • $2,860,000
      4,488 SF

      Historic Cape May Apartment Building

      Four seasonal rental apartments plus owner's quarters in prime location.
      933 Washington St, Cape May, NJ 08204
      View Details
    • $3,199,000

      Historic Cape May Victorian Duplex

      Charming Victorian duplex in Cape May's Historic District.
      626 Hughes St, Cape May, NJ 08204
      View Details
    • $2,850,000
      2,340 SF

      Victorian Charm in Cape May

      Coastal retreat near the beach and historic district.
      225-227 Windsor Ave, Cape May, NJ 08204
      View Details
    • $4,290,000
      4,400 SF

      Prime Mixed-Use Cape May Opportunity

      Three-parcel package in historic Cape May with commercial building and potential.
      609 Jefferson St, Cape May, NJ 08204
      View Details
    • $4,290,000
      4,400 SF

      Prime Cape May Commercial Opportunity

      Three-parcel package in Historic Cape May with commercial building and parking.
      609 Jefferson St, Cape May, NJ 08204
      View Details
    • $4,290,000
      4,400 SF

      Prime Cape May Commercial Opportunity

      Three-parcel package in historic Cape May with retail and parking.
      609 Jefferson St, Cape May, NJ 08204
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr

      Retail Space on Bayshore Drive

      High-visibility retail space in North Cape May available for lease.
      3305 Bayshore Rd Rd, Cape May, NJ 08204
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    • $10 SF/Yr
      5,920 SF

      High-Visibility Retail Space in Cape May

      Adaptable commercial space in high-traffic coastal location.
      3305 Bayshore Rd, North Cape May, NJ 08204
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    • New
      $15,000 /Mo
      1,000 SF

      Lower Township Retail Opportunity

      Retail space suitable for farmers market or specialty food retail.
      716 Seashore Rd, Cape May, NJ 08204
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    • $5,000 /Mo
      2,300 SF

      Cape May Commercial Property For Lease

      Spacious commercial property in the main business district.
      13 Mechanic St, Cape May Court House, NJ 08204
      View Details
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    202 Ocean St
    Cape May, NJ 08204
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    202 Ocean St, Cape May, NJ, 08204

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