Four-Space NNN Retail
For Sale
$2,800,000
764 Washington Ave CU-1-2-3-4, Miami Beach, FL 33139
Ground-floor commercial suites are leased to a grocery operator and a restaurant-bar business under NNN terms.
Property Size8,000 SF
Price / SF$358.97
Days on Market61
Property Features for 764 Washington Ave CU-1-2-3-4
General Information
Standard status
Active
Size
8,000 SF
Property subtype
Commercial
Net Operating Income
$216,000
Additional Details
Floor
Ground
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$20,650
Building Details
Building Size
8,000 SF
Stories
1
Tenancy
Multi
Listing Agency:
BEST OF LUXURY REALTY CORP.
(786) 306-7965
Listed By:
Dennys Gonzalez · License #A12020955
(786) 306-7965
Source:
Elliman
Added: Jul 3
Changed: Aug 30
Last Checked: Aug 31 at 6:41PM
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.
This NNN property comprises four ground-level commercial suites identified as CU-1, CU-2, CU-3, and CU-4, with more than 7,800 square feet of retail and business space. The corner suite at Washington Avenue and 8th Street operates as a grocery store, while the remaining suites function together as a restaurant and bar. All spaces are currently leased under NNN agreements, and the existing tenants are willing to remain.
The property occupies a highly visible corner along Washington Avenue in Miami Beach’s South Beach Hotel District, near Ocean Drive and Lincoln Road. The address has a Walk Score of 97, a Bike Score of 87, and a Transit Score of 50. The building has passed its 40-Yr recertification, and the 50-Yr recertification engineering study has been completed.
The property occupies a highly visible corner along Washington Avenue in Miami Beach’s South Beach Hotel District, near Ocean Drive and Lincoln Road. The address has a Walk Score of 97, a Bike Score of 87, and a Transit Score of 50. The building has passed its 40-Yr recertification, and the 50-Yr recertification engineering study has been completed.
Key Highlights
- 4 ground‑level commercial‑retail spaces: CU‑1‑2‑3‑4
- More than 7,800 square feet of retail and business space
- Corner location at Washington Avenue and 8th Street
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
5.36%
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 5.36%
Second Best
Retail
$1.88M
$1.65M – $2.20M
NOI $131,892 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$3.96M
$3.46M – $4.62M
NOI $277,009 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Ground-floor commercial suites are leased to a grocery operator and a restaurant-bar business under NNN terms.
Where is this nnn property 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 $2,800,000.
What are key features of this property?
This property features: 4 ground‑level commercial‑retail spaces: CU‑1‑2‑3‑4; More than 7,800 square feet of retail and business space; Corner location at Washington Avenue and 8th Street
