Historic Triple-Level
For Sale
$6,500,000
5445 Collins Ave Cu2, Miami Beach, FL 33140
Historic triple-level theater with soaring ceilings and a large stage, currently requiring full renovation.
Property Size25,860 SF
Price / SF$251.35
Days on Market103
Property Features for 5445 Collins Ave Cu2
General Information
Standard status
Active
Size
25,860 SF
Building Details
Year Built
1966
Listing Agency:
Fausto Commercial Realty Consultants Inc
Listed By:
Antonio Saladrigas · License #A12093110
(305) 753-4200
Source:
Chenoregroup
Added: Jul 21
Changed: Oct 26
Last Checked: Oct 30 at 2:53PM
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
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Investment Insights
Based on property information with market context.
Located at 5445 Collins Avenue, this historic triple-level theater offers 25,860 square feet of high-volume interior space built around massive, open floor plates and soaring ceilings. The property is currently in a condition requiring full renovation, but retains original venue elements including a grand stage and structural volumes.
The operating configuration includes an expansive kitchen area located parallel to the main theater volume, supporting high-capacity back-of-house activity. The venue also features expansive vertical clearance that can be leveraged for immersive staging and production requirements. The seller notes there is no association approval for business type.
With its preserved stage infrastructure and substantial interior “bones,” the property is presented as a blank-canvas entertainment facility suited to formats such as a flagship nightclub, live-performance theater, or movie theater.
The operating configuration includes an expansive kitchen area located parallel to the main theater volume, supporting high-capacity back-of-house activity. The venue also features expansive vertical clearance that can be leveraged for immersive staging and production requirements. The seller notes there is no association approval for business type.
With its preserved stage infrastructure and substantial interior “bones,” the property is presented as a blank-canvas entertainment facility suited to formats such as a flagship nightclub, live-performance theater, or movie theater.
Key Highlights
- Historic Playboy Theatre built in 1966 with 25,860 SF of interior space
- Triple‑level venue layout with soaring ceilings and large open floor plates
- Original grand stage and structural volumes included, plus expansive vertical clearance
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$497,831
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
668
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Theater & concert hall - Historic triple-level theater with soaring ceilings and a large stage, currently requiring full 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 Playboy Theatre built in 1966 with 25,860 SF of interior space; Triple‑level venue layout with soaring ceilings and large open floor plates; Original grand stage and structural volumes included, plus expansive vertical clearance
