Single-Tenant
For Sale
$2,500,000
Pending
1429 WASHINGTON AV, Miami Beach, FL 33139
Restaurant/bar property with an established Firehouse Subs occupant near Miami Beach’s beach and residential districts.
Property Size4,322 SF
Days on Market4112
Property Features for 1429 WASHINGTON AV
General Information
Standard status
Pending
Size
4,322 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$28,372
Amenities
3
Building Details
Year Built
1920
Tenancy
Single
Listing Agency:
Optimar International Realty
(305) 710-6015
Listed By:
Ginna Rojas · License #3175274
(305) 710-6015
Source:
Xome
Added: May 30, 2015
Changed: Aug 30
Last Checked: Aug 30 at 12:37AM
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 Optimar International Realty
Investment Insights
Based on property information with market context.
This restaurant/bar property is configured for a single occupant and is currently home to Firehouse Subs. The building dates to 1920 and provides a commercial setting suited to restaurant operations.
The property is located on Washington Avenue in Miami Beach, Florida, within a high-density area. The surrounding context includes nearby beach access and Miami Beach residential areas, supporting a location-oriented restaurant use.
The property is located on Washington Avenue in Miami Beach, Florida, within a high-density area. The surrounding context includes nearby beach access and Miami Beach residential areas, supporting a location-oriented restaurant use.
Key Highlights
- Single‑tenant restaurant/bar property
- Occupied by Firehouse Subs
- Located on Washington Avenue in Miami Beach, Florida
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
$83,203
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
3.33%
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%
$1,664,060
$1.7M
Cap Rate 7%
$1,188,614
$1.2M
Cap Rate 9%
$924,478
$924.5K
Market Conditions
NOI Build-Up for 4,322 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
$119.3K $27.60/SF
− Vacancy
−$8.4K −$1.93/SF
EGI
$110.9K $25.67/SF
− OpEx
−$27.7K −$6.42/SF
NOI
$83.2K $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%
$1,664,060
Cap Rate 7%
$1,188,614
Cap Rate 9%
$924,478
Alternative Uses
Best Use
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,203 @ 7.0% cap · market cap 3.33%
Second Best
Retail
$1.04M
$913.5K – $1.22M
NOI $73,082 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$2.19M
$1.92M – $2.56M
NOI $153,491 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
8,095
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - Restaurant/bar property with an established Firehouse Subs occupant near Miami Beach’s beach and residential districts.
Where is this conventional restaurant located?
The property is located at 1429 WASHINGTON AV Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Single‑tenant restaurant/bar property; Occupied by Firehouse Subs; Located on Washington Avenue in Miami Beach, Florida
