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$1,999,999

For Sale

2 days ago

MLS® 260686

7 Bed

4 Bath

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  • Key Facts
  • Description
  • Map

Key Facts

Type Other
Levels Residential Income
Size -
Garage No
HOA Fees 
Taxes $8,626
Days Active 2
Approx. Age 1920
MLS® Number 260686

Property Address: 1352 Washington St, Cape May, NJ, 08204-5251

Average square foot calculated using Size range provided by listing agent.

Description

AS-IS sale; no repairs, warranties, or guarantees. All units month-to-month; no leases available. Building non-contributing, billboard contributing in Historic District. Four residential units + one commercial space (barber shop); third floor used for storage only, no egress. Disclosed rents are estimates ONLY not guaranteed Utilities: separate heating & hot water; the one bedroom unit shares with commercial tenant. Heat: natural gas baseboard; no AC. Tenant in that unit does NOT pay for the utilties they are included in that rent of $800 Parking: lot & driveway ingress/egress included. No showings or property access. Do not visit property or commercial space. Showings only after fully executed LOI. Seller seeks clean, minimal-contingency offers with LOI. Post-closing leaseback: only the two second-floor units (current owner) for 6–8 months. Highest and best use: investment/redevelopment; land value likely exceeds building value. **“Exceptional investment opportunity with immediate income and future redevelopment upside. Property features four residential units, an on-site barber shop with profit participation, and a billboard providing additional revenue. Ideal for a developer seeking to pursue approvals for a higher and better use—while generating consistent cash flow during the anticipated 6–18 month planning process.”**, **Investor Alert – Prime Redevelopment Opportunity in Historic District** 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 4 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. Commercial lease month to month as well. 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.
MLS® Number260686
Locker
Ensuite LaundryNo
Balcony
Furnished
Laundry Level
Exposure
Exterior
GarageNo
Approx. Age1920
Stories
Pets

Included in Maintenance Fee

Heat
Hydro
Water
Building Insurance
Condo Taxes
Cable TV
Central Air
Parking Maintenance

Utilities

Heat
A/C
Heating Fuel

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Mar 20, 2026List Date
$1,999,999List Price
  • Commute

Commute

Starting Address
Destination Address
1352 Washington St, Cape May, NJ

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