Ocean Drive Office
For Sale
$1,000,250
1451 Ocean Dr CU-204, Miami Beach, FL 33139
Prime Miami Beach office with open floor plan.
Property Size2,125 SF
Lot Size0.06 Acres
Days on Market254
Property Features for 1451 Ocean Dr CU-204
General Information
Standard status
Active
Size
2,125 SF
Lot size
0.06 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$28,109
Building Details
Building Size
2,125 SF
Year Built
1998
Listing Agency:
(305) 673-4808
Listed By:
Taylor Richardson · License #SL3410028 (FL)
(305) 905-5502
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 7
Last Checked: Aug 8 at 10:20AM
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 Taylor Richardson
Investment Insights
Based on property information with market context.
Located at the Shoppes of Il Villaggio on Ocean Drive in Miami Beach, this office space offers 2,125 square feet of interior space. The property features a modern, open floor plan suitable for various business needs. Natural light fills the space through large windows, providing views of Ocean Drive. A sleek kitchenette is included. This location combines convenience with elegance, making it suitable for businesses seeking a prestigious address.
Key Highlights
- Prime location on Ocean Drive in Miami Beach.
- 2,125 sq ft of modern, open‑plan office space.
- Abundant natural light and stunning views of Ocean Drive.
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
$56,323
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
5.63%
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%
$1,126,460
$1.1M
Cap Rate 7%
$804,614
$804.6K
Cap Rate 9%
$625,811
$625.8K
Market Conditions
NOI Build-Up for 2,125 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
$96.9K $45.60/SF
− Vacancy
−$21.8K −$10.26/SF
EGI
$75.1K $35.34/SF
− OpEx
−$18.8K −$8.84/SF
NOI
$56.3K $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%
$1,126,460
Cap Rate 7%
$804,614
Cap Rate 9%
$625,811
Alternative Uses
Best Use
Office B
$804.6K
$704.0K – $938.7K
NOI $56,323 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$943.3K – $1.26M
NOI $75,467 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
8,611
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
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 - Prime Miami Beach office with open floor plan.
Where is this office units located?
The property is located at 1451 Ocean Dr CU-204 Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,000,250.
What are key features of this property?
This property features: Prime location on Ocean Drive in Miami Beach.; 2,125 sq ft of modern, open‑plan office space.; Abundant natural light and stunning views of Ocean Drive.
