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Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Active
Purchase Type For Sale
MLS Listing ID NJCM2006960
Style Victorian
Year Built 1920
Annual Tax Amount $8,625
Tax Year 2025
Lot Size 0.430 Acres
Acres 0.43
Lot Dimensions 150.00 x 125.00
Property Sub-Type Other
Source BRIGHT
Property Description
Exceptional opportunity for a seasoned investor or developer to acquire a uniquely positioned property located within the Historic District. The existing structure is considered **non-contributing**, while the on-site billboard, dating back to the 1920's refurbished in the mid 70's by a local builder, is recognized as a contributing feature, creating a rare dynamic for redevelopment potential.
The current configuration consists of a mixed-use building with **four residential units and one commercial space (barber shop)**. Originally designed as 5 rental areas with rental rooms on third floor, the property now includes one (1) one-bedroom unit and three (3) two-bedroom units, each with living room, kitchen, and bath. The third floor, historically used for room rentals, has not been occupied for decades and is presently utilized for storage only (no current egress).
The property features a full basement with both interior and exterior access, housing separate heating systems and hot water infrastructure. Three residential units are separately metered; one unit shares utilities with the commercial space (paid by the commercial tenant). Heating is natural gas baseboard; no central air conditioning. Ample on-site parking is available, including a dedicated lot servicing both residential tenants and the commercial unit, with defined ingress and egress driveways.
All residential tenants are **month-to-month**, offering flexibility for repositioning or redevelopment.
This property is being offered strictly as an **AS-IS sale**. Seller will make **no repairs, credits, or concessions**, and provides **no warranties or guarantees**. Inspections are for informational purposes only.
**All offers must be accompanied by a Letter of Intent (LOI)** and should be structured as cleanly as possible, with minimal contingencies. Seller's priority is a strong, straightforward transaction.
**Post-closing occupancy required:** Seller requests a leaseback period for the two 2nd floor units that they currently occupy personally of approximately **6–8 months** following settlement.
This is a rare opportunity to capitalize on land value and redevelopment potential in a historically significant location. Serious, qualified investors only.
Location
State NJ
County Cape May
Area Cape May City (20502)
Zoning R-2
Rooms
Basement Full, Interior Access, Outside Entrance
Interior
Hot Water Natural Gas
Heating Baseboard - Hot Water
Cooling Window Unit(s)
Flooring Wood
Fireplace N
Heat Source Natural Gas
Exterior
Garage Spaces 6.0
Water Access N
Roof Type Asbestos Shingle
Accessibility None
Total Parking Spaces 6
Garage N
Building
Sewer Public Sewer
Water Public
Architectural Style Victorian
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District Cape May City Schools
Others
Tax ID 02-01144-00006
Ownership Fee Simple
Acceptable Financing Cash, Other
Listing Terms Cash, Other
Financing Cash,Other
Special Listing Condition Standard
Nearby Locations
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