Historic Theatre
For Sale
Contact for pricing
5445 Collins Ave #CU2, Miami Beach, FL 33140
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 Market168
Property Features for 5445 Collins Ave #CU2
General Information
Standard status
Active
Size
25,860 SF
Property subtype
Retail
Zoning
4100
Building Details
Year Built
1966
Stories
3
Listing Agency:
Fausto Commercial Realty Consultants
Listed By:
Tony Saladrigas · License #SL3502121
(305) 961-1179
Source:
Crexi
Added: Mar 24
Changed: Aug 22
Last Checked: Sep 6 at 11:42AM
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
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
$497,831
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
7.66%
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%
$9,956,620
$10.0M
Cap Rate 7%
$7,111,871
$7.1M
Cap Rate 9%
$5,531,456
$5.5M
Market Conditions
NOI Build-Up for 25,860 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
$713.7K $27.60/SF
− Vacancy
−$50.0K −$1.93/SF
EGI
$663.8K $25.67/SF
− OpEx
−$165.9K −$6.42/SF
NOI
$497.8K $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%
$9,956,620
Cap Rate 7%
$7,111,871
Cap Rate 9%
$5,531,456
Alternative Uses
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
668
Businesses Nearby
Explore this area
Business Placement
Demographics for 33140, FL
19,315
Population
16,000
Households
1.2
Avg Household Size
46
Median Age
62%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
6,231
Density / Sq Mi
$103,898
Median Household Income
$65,708
Median Earnings
$2,020
Median Rent
$863,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
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
