Four-Space NNN Retail
For Sale
$1,950,000
764 Washington Ave, Miami Beach, FL 33139
Ground-level commercial spaces are leased under NNN arrangements in South Beach’s Hotel District.
Property Size8,000 SF
Price / SF$243.75
Days on Market90
Property Features for 764 Washington Ave
General Information
Standard status
Active
Size
8,000 SF
Property subtype
General Commercial
Net Operating Income
$216,000
Additional Details
Floor
Ground
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$20,650
Amenities
3
110
Building Details
Tenancy
Multi
Listing Agency:
Best of Luxury Realty Corp.
(786) 306-7965
Listed By:
Dennys Gonzalez · License #3210080
(786) 306-7965
Source:
Xome
Added: May 16
Changed: Aug 12
Last Checked: Aug 12 at 4:50AM
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 commercial property comprises four ground-level retail spaces within the Royal South Beach Condo-Hotel. The corner unit at Washington Avenue and 8th Street operates as a grocery store, while the remaining spaces function together as a restaurant and bar. All four spaces are leased on NNN terms, creating a multi-tenant retail configuration with limited landlord responsibilities described in the offering.
The property occupies a visible corner location at 764 Washington Ave in Miami Beach’s South Beach Hotel District, steps from Ocean Drive and Lincoln Road. The building has completed its 40-Yr recertification, and the Engineering Study for the 50-Yr recertification has been completed.
The property occupies a visible corner location at 764 Washington Ave in Miami Beach’s South Beach Hotel District, steps from Ocean Drive and Lincoln Road. The building has completed its 40-Yr recertification, and the Engineering Study for the 50-Yr recertification has been completed.
Key Highlights
- Four ground‑level commercial spaces within the Royal South Beach Condo‑Hotel
- NNN leases across all four retail spaces
- 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
$154,008
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
7.90%
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%
$3,080,160
$3.1M
Cap Rate 7%
$2,200,114
$2.2M
Cap Rate 9%
$1,711,200
$1.7M
Market Conditions
NOI Build-Up for 8,000 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
$220.8K $27.60/SF
− Vacancy
−$15.5K −$1.93/SF
EGI
$205.3K $25.67/SF
− OpEx
−$51.3K −$6.42/SF
NOI
$154.0K $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%
$3,080,160
Cap Rate 7%
$2,200,114
Cap Rate 9%
$1,711,200
Alternative Uses
Best Use
Specialty Retail
$2.20M
$1.93M – $2.57M
NOI $154,008 @ 7.0% cap · market cap 7.90%
Second Best
Retail
$1.93M
$1.69M – $2.25M
NOI $135,274 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$4.06M
$3.55M – $4.74M
NOI $284,112 @ 7.0% cap · market cap 14.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,464
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Ground-level commercial spaces are leased under NNN arrangements in South Beach’s Hotel District.
Where is this nnn property located?
The property is located at 764 Washington Ave 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: Four ground‑level commercial spaces within the Royal South Beach Condo‑Hotel; NNN leases across all four retail spaces; Corner location at Washington Avenue and 8th Street
