Vacant Art Deco Mixed-Use
For Sale
Contact for pricing
745 Collins Avenue, Miami Beach, FL 33139
Fully vacant, gray shell three-level Art Deco building with completed 40-year recertification and key life-safety systems in place.
Property Size13,444 SF
Price / SF$557.87
Days on Market59
Property Features for 745 Collins Avenue
General Information
Standard status
Active
Size
13,444 SF
Property subtype
Retail, Mixed Use
Warehouse & Industrial
Heavy Power
Yes
Sprinkler System
Yes
Building Details
Year Built
1940
Year Renovated
2008
Stories
3
Listing Agency:
Inhouse Commercial
Listed By:
David Spitz · License #SL 3230056
Source:
Crexi
Added: Jun 9
Changed: Jul 10
Last Checked: Aug 5 at 8:17AM
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 Inhouse Commercial
Investment Insights
Based on property information with market context.
745 Collins Avenue is a fully vacant Art Deco commercial building delivered in gray shell condition, offering flexibility for an investor, owner-user, or operator. The property spans approximately 13,444 SF across three levels and was renovated in 2008. Infrastructure already in place includes elevator service, sprinkler and fire suppression systems, upgraded electrical capacity, and modernized building systems, supporting a range of redevelopment concepts.
Positioned in the heart of South Beach’s premier retail and hospitality corridor, the building is steps from Ocean Drive, the beach, and Miami Beach’s prominent hotels, restaurants, retailers, and entertainment venues. Its architectural character and multi-level configuration are well suited to street-facing uses and experiential concepts.
With the completed 40-year recertification and substantial prior improvements, the property is positioned for tenants and operators seeking to reposition the asset with less redevelopment friction. The existing systems and layout provide a practical base for potential flagship retail, boutique hospitality, food and beverage, wellness, entertainment, office, or mixed-use conversions. Upper exterior space also offers the opportunity to create terraces, rooftop activations, hospitality amenities, wellness concepts, or other experiential areas within the South Beach historic district.
Positioned in the heart of South Beach’s premier retail and hospitality corridor, the building is steps from Ocean Drive, the beach, and Miami Beach’s prominent hotels, restaurants, retailers, and entertainment venues. Its architectural character and multi-level configuration are well suited to street-facing uses and experiential concepts.
With the completed 40-year recertification and substantial prior improvements, the property is positioned for tenants and operators seeking to reposition the asset with less redevelopment friction. The existing systems and layout provide a practical base for potential flagship retail, boutique hospitality, food and beverage, wellness, entertainment, office, or mixed-use conversions. Upper exterior space also offers the opportunity to create terraces, rooftop activations, hospitality amenities, wellness concepts, or other experiential areas within the South Beach historic district.
Key Highlights
- Fully vacant, three‑level Art Deco commercial building at 745 Collins Avenue (approx. 13,444 SF)
- Completed 40‑year recertification, helping reduce redevelopment costs and delivery timelines
- Gray shell delivery with flexibility for uses such as flagship retail, boutique hospitality, F&B, wellness, entertainment, office, or mixed‑use concepts
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
$356,333
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
4.75%
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%
$7,126,660
$7.1M
Cap Rate 7%
$5,090,471
$5.1M
Cap Rate 9%
$3,959,256
$4.0M
Market Conditions
NOI Build-Up for 13,444 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
$613.0K $45.60/SF
− Vacancy
−$137.9K −$10.26/SF
EGI
$475.1K $35.34/SF
− OpEx
−$118.8K −$8.84/SF
NOI
$356.3K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /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%
$7,126,660
Cap Rate 7%
$5,090,471
Cap Rate 9%
$3,959,256
Alternative Uses
Best Use
Office B
$5.09M
$4.45M – $5.94M
NOI $356,333 @ 7.0% cap · market cap 4.75%
Second Best
Mixed Use
$3.31M
$2.90M – $3.87M
NOI $231,909 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$6.82M
$5.97M – $7.96M
NOI $477,450 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
5,318
Businesses Nearby
Explore this area
Business Placement
Demographics for 33139, FL
36,286
Population
30,166
Households
1.2
Avg Household Size
43
Median Age
53%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
12,959
Density / Sq Mi
$63,368
Median Household Income
$48,608
Median Earnings
$1,745
Median Rent
$480,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully vacant, gray shell three-level Art Deco building with completed 40-year recertification and key life-safety systems in place.
Where is this mixed-use property located?
The property is located at 745 Collins Avenue Miami Beach, FL.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: Fully vacant, three‑level Art Deco commercial building at 745 Collins Avenue (approx. 13,444 SF); Completed 40‑year recertification, helping reduce redevelopment costs and delivery timelines; Gray shell delivery with flexibility for uses such as flagship retail, boutique hospitality, F&B, wellness, entertainment, office, or mixed‑use concepts
