502 Washington Street, Cape May NJ | Keller Williams Jersey Shore

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502 Washington Street, Cape May, NJ - Active

For Sale: $6,000,000

Beds: Baths:

Type: Commercial/Industrial

DOM: 33 Days

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PROPERTY DESCRIPTION

502 Washington Street â€” Cape May, NJ The old bank building at the head of the Washington Street Mall â€” and arguably the single greatest value-add opportunity in Cape May commercial real estate. 502 Washington is one of the mall's landmark structures: masonry, architectural presence, and a position on the most heavily trafficked pedestrian retail corridor in the Northeast. Two income streams currently produce $202,000 annually â€” a flagship ground-floor storefront and a rear commissary kitchen â€” under leases running through 2030 and expiring at the end of January 2031. Real estate taxes are $22,513. The current income is not the story. The story is what's above it. The second floor is unfinished. Above the drop ceiling sits additional height that opens the door to a third level. Completing the second floor and building into that volume would add substantial leasable square footage to a building that already commands the best frontage on the mall â€” and at Washington Street Mall market rents of roughly $150 per square foot, that added area has the potential to more than double the building's revenue. The timing works. The leases run to January 2031, which gives a buyer a defined runway to plan, permit, and stage a renovation against a known delivery date rather than negotiating around occupied space. Executed well, this becomes the most visible building in Cape May. The bones are already there â€” the location is irreplaceable, the architecture is distinctive, and the untapped volume above is the rarest thing on a corridor where nothing new gets built. Leases available upon request.

PROPERTY FEATURES

Heating:Gas Natural
Fire Sprinkler System
Fire Sprinkler System
Cooling:Central Air Conditioning

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ADDITIONAL PROPERTY PICTURES

Request Property Information - 502 Washington Street, Cape May NJ

For Sale: $6,000,000 | MLS Number: 262296

| DOM: 33 Days
Provided by: Keller Williams Jersey Shore - www.kwjerseyshorerentals.com

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