Historic Theatre
5445 Collins Ave #CU2 Miami Beach, FL 33140
5445 Collins Ave #CU2, Miami Beach, FL, 33140
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For Sale
Contact for pricing
Historic triple-level theatre with soaring ceilings and an expansive stage, currently requiring full interior renovation.
Property Size25,860 SF
Price / SF$251.35
Days on Market120
Property Features for 5445 Collins Ave #CU2
General Information
- Standard status
- Active
- Size
- 25,860 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1966
Listing Agency
Fausto Commercial Realty Consultants
(305) 961-1179
Listed by
Tony Saladrigas · License #SL3502121
Source
Crexi
Added: Mar 24 Updated: Jul 20 at 5:19 pm Checked: Jul 20 at 5:19 pm
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
Investment Insights
Based on property information with market context.
Located at 5445 Collins Avenue, this historic Playboy Theatre offers 25,860 square feet of high-volume interior space in a triple-level layout. The venue features soaring ceilings and massive, open floor plates, along with the original grand stage and preserved structural volumes that shape the interior’s scale.
The property is currently in a state requiring full renovation, creating a “blank canvas” for a new entertainment or hospitality concept. A key operational feature is an expansive kitchen area positioned parallel to the main theatre volume, supporting high-volume back-of-house needs.
The building includes substantial vertical clearance and existing stage infrastructure, which may be well-suited for live performance or film presentation. The property is described as steps from the ocean, placing it within Miami Beach’s Mid-Beach corridor on Collins Avenue.
The property is currently in a state requiring full renovation, creating a “blank canvas” for a new entertainment or hospitality concept. A key operational feature is an expansive kitchen area positioned parallel to the main theatre volume, supporting high-volume back-of-house needs.
The building includes substantial vertical clearance and existing stage infrastructure, which may be well-suited for live performance or film presentation. The property is described as steps from the ocean, placing it within Miami Beach’s Mid-Beach corridor on Collins Avenue.
Key Highlights
- Historic triple‑level theatre built in 1966 with 25,860 SF of interior space
- High‑volume interior layout with soaring ceilings and massive, open floor plates
- Original grand stage and structural volumes are in place for redevelopment
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
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.
| 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 Uses
Best Use
Specialty Retail
$7.11M
$6.22M – $8.30M
NOI $497,831 @ 7.0% cap · market cap 7.66%
Second Best
Industrial
$3.99M
$3.49M – $4.65M
NOI $279,176 @ 7.0% cap · market cap 4.30%
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 Analytics
Location Intelligence
Current Use by Public Records
Theaters & concert halls
Similar For Sale Nearby
FAQs
What type of property is this?
Theater & concert hall - Historic triple-level theatre with soaring ceilings and an expansive stage, currently requiring full interior 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 triple‑level theatre built in 1966 with 25,860 SF of interior space; High‑volume interior layout with soaring ceilings and massive, open floor plates; Original grand stage and structural volumes are in place for redevelopment
