Historic Triple-Level
For Sale
$6,500,000
5445 Collins Ave Cu2, Miami Beach, FL 33140
Historic triple-level theater with soaring ceilings and a large stage, currently requiring full renovation.
Property Size25,860 SF
Price / SF$251.35
Days on Market56
Property Features for 5445 Collins Ave Cu2
General Information
Standard status
Active
Size
25,860 SF
Building Details
Year Built
1966
Listing Agency:
Fausto Commercial Realty Consultants Inc
Listed By:
Antonio Saladrigas · License #3502121
(786) 378-1850
Source:
Chenoregroup
Added: Jul 21
Changed: Sep 12
Last Checked: Sep 13 at 4:15PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
Located at 5445 Collins Avenue, this historic triple-level theater offers 25,860 square feet of high-volume interior space built around massive, open floor plates and soaring ceilings. The property is currently in a condition requiring full renovation, but retains original venue elements including a grand stage and structural volumes.
The operating configuration includes an expansive kitchen area located parallel to the main theater volume, supporting high-capacity back-of-house activity. The venue also features expansive vertical clearance that can be leveraged for immersive staging and production requirements. The seller notes there is no association approval for business type.
With its preserved stage infrastructure and substantial interior “bones,” the property is presented as a blank-canvas entertainment facility suited to formats such as a flagship nightclub, live-performance theater, or movie theater.
The operating configuration includes an expansive kitchen area located parallel to the main theater volume, supporting high-capacity back-of-house activity. The venue also features expansive vertical clearance that can be leveraged for immersive staging and production requirements. The seller notes there is no association approval for business type.
With its preserved stage infrastructure and substantial interior “bones,” the property is presented as a blank-canvas entertainment facility suited to formats such as a flagship nightclub, live-performance theater, or movie theater.
Key Highlights
- Historic Playboy Theatre built in 1966 with 25,860 SF of interior space
- Triple‑level venue layout with soaring ceilings and large open floor plates
- Original grand stage and structural volumes included, plus expansive vertical clearance
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
$497,831
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
7.66%
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%
$9,956,620
$10.0M
Cap Rate 7%
$7,111,871
$7.1M
Cap Rate 9%
$5,531,456
$5.5M
Market Conditions
NOI Build-Up for 25,860 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
$713.7K $27.60/SF
− Vacancy
−$50.0K −$1.93/SF
EGI
$663.8K $25.67/SF
− OpEx
−$165.9K −$6.42/SF
NOI
$497.8K $19.25/SF
Area
Miami-Dade County, FL
Vacancy
7.00%
Lease Rate
$27.60 /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%
$9,956,620
Cap Rate 7%
$7,111,871
Cap Rate 9%
$5,531,456
Alternative Uses
Best Use
Specialty Retail
$7.11M
$6.22M – $8.30M
NOI $497,831 @ 7.0% cap · market cap 7.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.12M
$11.48M – $15.31M
NOI $918,391 @ 7.0% cap · market cap 14.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
668
Businesses Nearby
Explore this area
Business Placement
Demographics for 33140, FL
19,315
Population
16,000
Households
1.2
Avg Household Size
46
Median Age
62%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
6,231
Density / Sq Mi
$103,898
Median Household Income
$65,708
Median Earnings
$2,020
Median Rent
$863,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Theater & concert hall - Historic triple-level theater with soaring ceilings and a large stage, currently requiring full renovation.
Where is this theater & concert hall located?
The property is located at 5445 Collins Ave Cu2 Miami Beach, FL.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Historic Playboy Theatre built in 1966 with 25,860 SF of interior space; Triple‑level venue layout with soaring ceilings and large open floor plates; Original grand stage and structural volumes included, plus expansive vertical clearance
