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Under Contract
1352 Washington Street Cape May, NJ 08204
7 Beds
4 Baths
18,750 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Under Contract
Purchase Type For Sale
Square Footage 18,750 sqft
Price per Sqft $106
MLS Listing ID 260686
Bedrooms 7
Year Built 1920
Annual Tax Amount $8,625
Tax Year 2025
Lot Dimensions 150x125
Property Sub-Type Other
Property Description
**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.
Location
State NJ
County Cape May County
Area Cape May
Zoning R-2
Location Details Inside Lot
Interior
Hot Water Gas
Heating Gas Natural, Baseboard, Multi-Zoned
Cooling Other
Exterior
Exterior Feature Fenced Yard, Sidewalks
Building
Lot Description Inside Lot
Sewer City
Water City
New Construction No
Listed by HOMESTEAD REAL ESTATE CO. INC.