504-506 Washington Street

504 & 506 Washington Street / 510 Carpenter's Lane — Cape May, NJ Three addresses. Five income streams. One contiguous parcel with frontage on both the Washington Street Mall and Carpenter's Lane. 504 Washington Street — A 20-by-80-foot storefront, approximately 1,600 square feet of deep, well-proportioned retail on the mall's most heavily trafficked block. Currently leased through December 2028 at $68,600. Second floor, 504 — Above the retail floor, the upper level provides office and support space, currently occupied by the ground-floor tenant on a short-term basis. Above-grade area on the Washington Street Mall is genuinely scarce, and this level offers an incoming owner immediate flexibility: continue as tenant support space, lease it independently as office, or reconfigure it toward its highest use. Residential apartment — A separate residential unit within the building, held on a short-term basis. Independent of the commercial tenancies and independent of their rollover schedule, it gives the parcel a fourth use type and a distinct income character. 506 Washington Street — An identical 20-by-80 footprint alongside 504, leased through December 2029 at $100,000. Together the two storefronts give an owner 40 feet of continuous mall frontage — a width that's difficult to assemble on a corridor where buildings changed hands generations ago. 510 Carpenter's Lane — A compact 30-by-25.5-foot space at the rear of the parcel, operating as a bakery under a lease through January 2029 with a mutual renewal option. Its own address, its own frontage, and access from a second street. The combined position. Five tenancies producing $255,600 annually against $27,428 in taxes, staggered across 2028 and 2029 rather than expiring together — an owner can reposition one unit at a time while the balance of the parcel keeps producing. Two of the five are short-term, offering immediate control. Worth investigating: condominium conversion. Three addresses, dual street frontage, and four distinct use types on a single parcel raise a real question about whether the block is better held whole or subdivided. Subject to municipal approval and historic district review, a condominium structure could allow units to be sold or financed individually — a path that doesn't exist for most buildings on the mall. Two mall storefronts, a Carpenter's Lane bakery, second-floor office, and a residential apartment. Assembled parcels like this one don't come apart often, and they don't come back together at all. Leases available upon request.