The best anchoring in Cape May is just to the north of the CG station. There is good depth and holding. I have anchored there a couple times while passing through the area.
The only disadvantage is that this location is not very close to a good landing spot with a dinghy.
I agree with the suggestion of anchoring North of the CG station. We stayed at Utches marina and found it to be very well run. WM is a short walk and the town is easily reached with a short hike.
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