Historic Miami Beach Playboy
5445 Collins Ave CU2, Miami Beach, FL 33140
Unique opportunity to acquire a large space in Miami Beach.
Type:Commercial
Property size:
25,860 SFLot size:
4.09 AcresPrice / SF:
$251/SF- Added:
- Mar 26, 2026
- Days on Market:
- 54
- Last Refresh:
- Mar 25 at 5:30 am
Property Features for 5445 Collins Ave CU2
General Information
- Standard status
- Active
- Size
- 25,860 SF
- Lot size
- 4.09 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1966
Listing agent Antonio Saladrigas License #3502121
Listing office Fausto Commercial Realty Consultants Inc (786) 378-1850
Listing date Mar 26, 2026
Source Elliman
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
HighLights
- Premier 'blank canvas' opportunity for a visionary developer or hospitality group in Miami Beach's Mid‑Beach corridor.
- 25,860 square feet of high‑volume interior space with soaring ceilings and massive, open floor plates.
- Unique suitability for a flagship nightclub, live‑performance theatre, or movie theatre due to expansive vertical clearance and existing stage infrastructure.
- Architectural assets that are nearly impossible to replicate under current Miami Beach building codes.
- Expansive kitchen area provides the necessary footprint for high‑volume back‑of‑house operations.
- Located steps from the ocean in a high‑barrier‑to‑entry market on Collins Avenue, capturing a high‑spending demographic.
Overview
Located at 5445 Collins Avenue, the historic Playboy Theatre offers the opportunity to acquire 25,860 square feet of interior space in Miami Beach’s Mid-Beach corridor. The property, currently requiring full renovation, is suited for a developer or hospitality group. The existing structure features a triple-level layout with ceilings and open floor plates. The venue's original grand stage and structural volumes provide a foundation that reduces the complexity of a ground-up build. With no association approval for business type, the property is suited for a nightclub, live-performance theatre, or movie theatre, where the vertical clearance and existing stage infrastructure allow for acoustics and immersive lighting design. An expansive kitchen area is located parallel to the main theatre volume, providing the necessary footprint for back-of-house operations. Positioned steps from the ocean, this asset allows an investor to curate a destination that captures the demographic of the Collins Avenue corridor.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$5.53M
NOI $497,831 @ 9.00% cap · cautious / downside scenario
Moderate
$7.11M
NOI $497,831 @ 7.00% cap · market / base-case scenario
Aggressive
$9.96M
NOI $497,831 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Specialty Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $713.7k | $27.60 |
| − Vacancy | −$50.0k | −$1.93 |
| EGI | $663.8k | $25.67 |
| − OpEx | −$165.9k | −$6.42 |
| NOI | $497.8k | $19.25 |
25,860 SF · lease $27.60/SF/yr · vacancy 7.00% · expense 25.00%
Alternative Use Scenarios
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 local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Theaters & concert halls
Location Insight
- Map
- Local Demand
- City
- Miami Beach
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.120252
- Latitude
- 25.834097
Nearby Similar for Sale
FAQs
What type of property is this?
Theater & concert hall - Unique opportunity to acquire a large space in Miami Beach.
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: Premier 'blank canvas' opportunity for a visionary developer or hospitality group in Miami Beach's Mid‑Beach corridor.; **25,860 square feet of high‑volume interior space with soaring ceilings and massive, open floor plates.**; **Unique suitability for a flagship nightclub, live‑performance theatre, or movie theatre due to expansive vertical clearance and existing stage infrastructure.**
