Renovated Office
For Sale
$5,000,000
605 Lincoln Rd, Miami Beach, FL 33139
Commercial Sale, Miami Beach, FL
Property Size9,800 SF
Price / SF$510.20
Days on Market74
Property Features for 605 Lincoln Rd
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
6600
Subdivision
32
Standard status
Active
APN
02-32-34-168-0260
Taxes and HOA fees
Tax Description
605 LINCOLN ROAD OFFICE CONDO UNIT 500 UNDIV 1.05% INT IN COMMON ELEMENTS OFF REC 23213-0721 COC 23261-4613 04 2005 2
Legal Description
605 LINCOLN ROAD OFFICE CONDO UNIT 500 UNDIV 1.05% INT IN COMMON ELEMENTS OFF REC 23213-0721 COC 23261-4613 04 2005 2
Utilities
Water source
Public
Building Details
Year built
1932
Building materials
Block
Listing Agency:
Compass Florida, LLC
(305) 851-2820
Listed By:
Menachem Fellig · License #3291623
(786) 221-7700
Added: Jun 30
Changed: Sep 2
Last Checked: Sep 11 at 5:06AM
MLS# A11933563
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The offering comprises the full fifth-floor office condominium at 605 Lincoln Road, totaling approximately 9,800 SF. Completed in 2025, the renovation includes porcelain flooring, updated restrooms, a modern kitchen, custom millwork, revised lighting, and additional improvements. The floor plan provides 18 private offices, including two executive suites, along with a conference room and a reception area served directly by a secure elevator. Natural light extends throughout the space, and the existing single-tenant arrangement can be adapted for multi-tenant occupancy.
The building is positioned on Lincoln Road in Miami Beach, within a pedestrian-oriented district of outdoor shopping, dining, and entertainment. The lobby entrance has also been renovated. The property is steps from an approved convention center hotel site under construction for an approximately 800-room hotel. Parking is available in the adjacent public garage through the City of Miami Beach.
The building is positioned on Lincoln Road in Miami Beach, within a pedestrian-oriented district of outdoor shopping, dining, and entertainment. The lobby entrance has also been renovated. The property is steps from an approved convention center hotel site under construction for an approximately 800-room hotel. Parking is available in the adjacent public garage through the City of Miami Beach.
Key Highlights
- Approximately 9,800 SF fifth‑floor office condominium
- Fully renovated in 2025 with new flooring, bathrooms, kitchen, millwork, and lighting
- 18 private offices, including 2 executive suites, plus a conference room
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$259,749
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,194,980
$5.2M
Cap Rate 7%
$3,710,700
$3.7M
Cap Rate 9%
$2,886,100
$2.9M
Market Conditions
NOI Build-Up for 9,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$446.9K $45.60/SF
− Vacancy
−$100.5K −$10.26/SF
EGI
$346.3K $35.34/SF
− OpEx
−$86.6K −$8.84/SF
NOI
$259.7K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,194,980
Cap Rate 7%
$3,710,700
Cap Rate 9%
$2,886,100
Alternative Uses
Best Use
Office B
$3.71M
$3.25M – $4.33M
NOI $259,749 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.97M
$4.35M – $5.80M
NOI $348,037 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,652
Businesses Nearby
Explore this area
Business Placement
Demographics for 33139, FL
36,286
Population
30,166
Households
1.2
Avg Household Size
43
Median Age
53%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
12,959
Density / Sq Mi
$63,368
Median Household Income
$48,608
Median Earnings
$1,745
Median Rent
$480,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Private fifth-floor office condominium with flexible planning, executive suites, secure direct elevator access, and abundant natural light.
Where is this office units located?
The property is located at 605 Lincoln Rd Miami Beach, FL.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Approximately 9,800 SF fifth‑floor office condominium; Fully renovated in 2025 with new flooring, bathrooms, kitchen, millwork, and lighting; 18 private offices, including 2 executive suites, plus a conference room
