Multi-Level Rooftop Hospitality
For Sale
$3,238,883
2401-239 Sw 9th St, Miami, FL 33135
Rooftop terraces on two floors within Smart Brickell, suited for bar, events, or lounge concepts.
Property Size3,069 SF
Price / SF$1,055
Days on Market169
Property Features for 2401-239 Sw 9th St
General Information
Standard status
Active
Size
3,069 SF
Occupancy
100%
Additional Details
Business Included
Yes
Listing Agency:
Habitat Realty LLC
Listed By:
Javier Motta · License #3265070
(786) 521-8144
Source:
Exprealty
Added: Mar 24
Changed: Sep 3
Last Checked: Sep 7 at 12:54PM
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 Habitat Realty LLC
Investment Insights
Based on property information with market context.
This offering is a premium multi-level rooftop commercial space within the Smart Brickell development. The 24th floor features 2,189 SF of interior air-conditioned space plus a 400 SF terrace, arranged to support an indoor-outdoor hospitality experience. The 25th floor includes 880 SF of interior air-conditioned space and an expansive 1,728 SF rooftop terrace. Both levels are described as having modern finishes and floor-to-ceiling glass, with rooftop terrace areas positioned for panoramic skyline views.
The property is located in the Brickell area of Miami, with access tied to the Smart Brickell complex. The remarks note proximity to Brickell City Centre and Mary Brickell Village, along with nearby major transportation corridors that support walk-up activity.
The space is currently leased for a one-year term, creating immediate income while preserving flexibility for a potential end user or investor. Ownership may negotiate an early tenant termination if the buyer prefers to take the space vacant, which can be helpful for operators seeking to transition to a new concept or event calendar. With terrace-heavy configuration across two floors, the asset can fit hospitality and event-focused uses that benefit from rooftop programming.
The property is located in the Brickell area of Miami, with access tied to the Smart Brickell complex. The remarks note proximity to Brickell City Centre and Mary Brickell Village, along with nearby major transportation corridors that support walk-up activity.
The space is currently leased for a one-year term, creating immediate income while preserving flexibility for a potential end user or investor. Ownership may negotiate an early tenant termination if the buyer prefers to take the space vacant, which can be helpful for operators seeking to transition to a new concept or event calendar. With terrace-heavy configuration across two floors, the asset can fit hospitality and event-focused uses that benefit from rooftop programming.
Key Highlights
- Rooftop commercial spaces on the 24th and 25th floors within Smart Brickell in Brickell
- 24th floor: 2,189 SF interior AC plus 400 SF terrace space
- 25th floor: 880 SF interior AC plus 1,728 SF rooftop terrace
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
$145,012
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
4.48%
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%
$2,900,240
$2.9M
Cap Rate 7%
$2,071,600
$2.1M
Cap Rate 9%
$1,611,244
$1.6M
Market Conditions
NOI Build-Up for 3,069 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
$196.3K $63.96/SF
− Vacancy
−$2.9K −$0.96/SF
EGI
$193.3K $63.00/SF
− OpEx
−$48.3K −$15.75/SF
NOI
$145.0K $47.25/SF
Area
Miami, FL
Vacancy
1.50%
Lease Rate
$63.96 /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%
$2,900,240
Cap Rate 7%
$2,071,600
Cap Rate 9%
$1,611,244
Alternative Uses
Best Use
Specialty Retail
$2.07M
$1.81M – $2.42M
NOI $145,012 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,837
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33135, FL
36,232
Population
15,922
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
70%
High-School Grad
2.1 sq mi
ZIP Area
17,253
Density / Sq Mi
$37,757
Median Household Income
$28,850
Median Earnings
$1,315
Median Rent
$396,700
Median Home Value
Market
Vacancy Rate% for Retail in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Rooftop terraces on two floors within Smart Brickell, suited for bar, events, or lounge concepts.
Where is this bar & pub located?
The property is located at 2401-239 Sw 9th St Miami, FL.
What is the asking price?
The asking price for this property is $3,238,883.
What are key features of this property?
This property features: Rooftop commercial spaces on the 24th and 25th floors within Smart Brickell in Brickell; 24th floor: 2,189 SF interior AC plus 400 SF terrace space; 25th floor: 880 SF interior AC plus 1,728 SF rooftop terrace
