502 Washington Street, Cape May

502 Washington Street Cape May, NJ The old bank building at the head of the Washington Street Mall and arguably the single greatest value-add opportunity in Cape May commercial real estate. 502 Washington is one of the mall's landmark structures masonry, architectural presence, and a position on the most heavily trafficked pedestrian retail corridor in the Northeast. Two income streams currently produce $202,000 annually a flagship ground-floor storefront and a rear commissary kitchen under leases running through 2030 and expiring at the end of January 2031. Real estate taxes are $22,513. The current income is not the story. The story is what's above it. The second floor is unfinished. Above the drop ceiling sits additional height that opens the door to a third level. Completing the second floor and building into that volume would add substantial leasable square footage to a building that already commands the best frontage on the mall and at Washington Street Mall market rents of roughly $150 per square foot, that added area has the potential to more than double the building's revenue. The timing works. The leases run to January 2031, which gives a buyer a defined runway to plan, permit, and stage a renovation against a known delivery date rather than negotiating around occupied space. Executed well, this becomes the most visible building in Cape May. The bones are already there the location is irreplaceable, the architecture is distinctive, and the untapped volume above is the rarest thing on a corridor where nothing new gets built. Leases available upon request.