513 Washington Street

Description

513 Washington Street — Cape May, NJ Three mercantile licenses. 6,015 square feet of masonry block footprint. One of the largest buildings on the Washington Street Mall. 513 Washington is a substantial masonry block structure occupying one of the deepest footprints on Cape May's premier pedestrian retail corridor. The building currently supports three separate mercantile commercial tenancies — a rare configuration on a mall where most buildings carry one. Current income is $249,735 annually, anchored by a long-term confectionery tenant through January 31, 2031. Real estate taxes are $25,954. Market rent on the mall currently runs approximately $150 per square foot on new leases. The building is more than a storefront. Two sections rise to multiple stories. The front section runs three levels, with the upper floors currently configured as office and readily convertible back to residential use. The rear section carries a two-bedroom layout on the second floor. This is above-grade square footage on the Washington Street Mall — space that most buildings on this corridor simply don't have. Vertical expansion warrants investigation. The masonry block construction and the scale of the footprint raise a further question: whether additional stories could be added above the existing structure. Cape May's seasonal economy runs on a workforce that has nowhere to live, and employee housing above commercial space on the mall — subject to municipal approvals and historic district review — would address a documented need while adding an income stream the building does not currently produce. A buyer with the patience to work the approvals process may find a path here that doesn't exist elsewhere on the mall. Three licenses in place, real above-grade area, and a location that cannot be replicated. Leases available upon request.