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504-506 Washington Street, Cape May, NJ -
Active
For Sale:
$6,000,000
Beds:
Baths:
Type:
Commercial/Industrial
DOM:
33 Days
REQUEST INFORMATION
PROPERTY DESCRIPTION
504 & 506 Washington Street / 510 Carpenter's Lane — Cape May, NJ Three addresses. Five income streams. One contiguous parcel with frontage on both the Washington Street Mall and Carpenter's Lane. 504 Washington Street — A 20-by-80-foot storefront, approximately 1,600 square feet of deep, well-proportioned retail on the mall's most heavily trafficked block. Currently leased through December 2028 at $68,600. Second floor, 504 — Above the retail floor, the upper level provides office and support space, currently occupied by the ground-floor tenant on a short-term basis. Above-grade area on the Washington Street Mall is genuinely scarce, and this level offers an incoming owner immediate flexibility: continue as tenant support space, lease it independently as office, or reconfigure it toward its highest use. Residential apartment — A separate residential unit within the building, held on a short-term basis. Independent of the commercial tenancies and independent of their rollover schedule, it gives the parcel a fourth use type and a distinct income character. 506 Washington Street — An identical 20-by-80 footprint alongside 504, leased through December 2029 at $100,000. Together the two storefronts give an owner 40 feet of continuous mall frontage — a width that's difficult to assemble on a corridor where buildings changed hands generations ago. 510 Carpenter's Lane — A compact 30-by-25.5-foot space at the rear of the parcel, operating as a bakery under a lease through January 2029 with a mutual renewal option. Its own address, its own frontage, and access from a second street. The combined position. Five tenancies producing $255,600 annually against $27,428 in taxes, staggered across 2028 and 2029 rather than expiring together — an owner can reposition one unit at a time while the balance of the parcel keeps producing. Two of the five are short-term, offering immediate control. Worth investigating: condominium conversion. Three addresses, dual street frontage, and four distinct use types on a single parcel raise a real question about whether the block is better held whole or subdivided. Subject to municipal approval and historic district review, a condominium structure could allow units to be sold or financed individually — a path that doesn't exist for most buildings on the mall. Two mall storefronts, a Carpenter's Lane bakery, second-floor office, and a residential apartment. Assembled parcels like this one don't come apart often, and they don't come back together at all. Leases available upon request.
newfun
PROPERTY FEATURES
Heating:Gas Natural
Cooling:Central Air Conditioning
PROPERTY MAP VIEW
ADDITIONAL PROPERTY PICTURES
Request Property Information - 504-506 Washington Street, Cape May NJ
For Sale:
$6,000,000
| MLS Number:
262303
| DOM:
33
Days
Provided by: Keller Williams Jersey Shore -
www.kwjerseyshorerentals.com
(Information Above Will Appear at the Top of the Email that is Sent to Keller Williams Jersey Shore)
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Listing Courtesy of HOFFMAN AGENCY.
© South Jersey Shore Regional MLS. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the South Jersey Shore Regional MLS. Real Estate listings held by brokerage firms other than Keller Williams Jersey Shore are marked with the Broker Reciprocity logo (a little black house) and detailed information about them includes the name of the listing brokers. Information is deemed reliable but is not guaranteed. The broker providing these listings to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. The information being provided is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties in which they may be interested in purchasing.
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