South Beach Retail Investment
For Sale
$1,950,000
764 Washington Ave CU-1-2-3-4, Miami Beach, FL 33139
Income-producing retail spaces in South Beach's Hotel District.
Property Size8,000 SF
Price / SF$250
Days on Market83
Property Features for 764 Washington Ave CU-1-2-3-4
General Information
Standard status
Active
Size
8,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$20,650
Building Details
Building Size
8,000 SF
Stories
1
Listing Agency:
Best Of Luxury Realty Corp
(786) 306-7965
Listed By:
Dennys Gonzalez · License #3210080
(786) 306-7965
Source:
Elliman
Added: May 19
Changed: Aug 8
Last Checked: Aug 8 at 6:46AM
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 Best Of Luxury Realty Corp
Investment Insights
Based on property information with market context.
Four commercial-retail ground-level spaces, identified as CU-1-2-3-4, offer a combined area of over 7,800 square feet. Located in the heart of South Beach's Hotel District, these spaces are currently leased and generate a yearly net income of $216,000. The corner space is occupied by a grocery store, while the remaining spaces are combined and operated as a restaurant and bar. All tenants have long-term leases under Triple-Net terms, which minimizes landlord costs, and are willing to continue their tenancies at this location. The property benefits from a highly visible corner-lot location on Washington Avenue, situated steps from Ocean Drive and Lincoln Road. These commercial spaces are located on the ground level of the Royal South Beach Condo-Hotel, which has passed its 40-year recertification, and the 50-year recertification Engineering Study has been completed. The location has a bike score of 87, indicating it is very bikeable, a walk score of 97, designating it as a walker's paradise, and a transit score of 50, indicating good transit options.
Key Highlights
- Prime South Beach location, steps from Ocean Drive and Lincoln Road
- Income‑producing property with $216,000 yearly NET income
- Four ground‑level commercial‑retail spaces totaling over 7,800 sq. ft.
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
$150,158
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
7.70%
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%
$3,003,160
$3.0M
Cap Rate 7%
$2,145,114
$2.1M
Cap Rate 9%
$1,668,422
$1.7M
Market Conditions
NOI Build-Up for 7,800 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
$215.3K $27.60/SF
− Vacancy
−$15.1K −$1.93/SF
EGI
$200.2K $25.67/SF
− OpEx
−$50.1K −$6.42/SF
NOI
$150.2K $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%
$3,003,160
Cap Rate 7%
$2,145,114
Cap Rate 9%
$1,668,422
Alternative Uses
Best Use
Specialty Retail
$2.15M
$1.88M – $2.50M
NOI $150,158 @ 7.0% cap · market cap 7.70%
Second Best
Retail
$1.88M
$1.65M – $2.20M
NOI $131,892 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$3.96M
$3.46M – $4.62M
NOI $277,009 @ 7.0% cap · market cap 14.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,318
Businesses Nearby
Under-served
Demand for This Use
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Underground Donut Tour - Miami — 729 5th St, Miami Beach, FL 33139
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- Mr. Grocery — 910 West Ave #432, Miami Beach, FL 33139
- Meridian Market and Cafe — 812 6th St, Miami Beach, FL 33139
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Income-producing retail spaces in South Beach's Hotel District.
Where is this grocery and convenience store located?
The property is located at 764 Washington Ave CU-1-2-3-4 Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Prime South Beach location, steps from Ocean Drive and Lincoln Road; Income‑producing property with $216,000 yearly NET income; Four ground‑level commercial‑retail spaces totaling over 7,800 sq. ft.
