South Beach Retail Investment
764 Washington Ave CU-1-2-3-4, Miami Beach, FL 33139
For Sale
$1,950,000
Income-producing retail spaces in South Beach's Hotel District.
Property Size8,000 SF
Price / SF$250
Days on Market181
Property Features for 764 Washington Ave CU-1-2-3-4
General Information
Standard status
Size
Property subtype
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Stories
Listing Agency:
BEST OF LUXURY REALTY CORP.
Listed By:
Dennys Gonzalez · License FL A12020955
(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.
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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 / Yr
$124,043
Cap Rate
6.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,480,860
$2.5M
Cap Rate 7%
$1,772,043
$1.8M
Cap Rate 9%
$1,378,256
$1.4M
Market Conditions
NOI Build-Up for 7,800 SF
Gross rent
$177.8K $22.80/SF
− Vacancy
−$12.4K −$1.60/SF
EGI
$165.4K $21.20/SF
− OpEx
−$41.3K −$5.30/SF
NOI
$124.0K $15.90/SF
Area
Miami-Dade County, FL
Vacancy
7.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,480,860
Cap Rate 7%
$1,772,043
Cap Rate 9%
$1,378,256
Alternative Uses
Best Use
Specialty Retail
$1.77M
$1.55M – $2.07M
NOI $124,043 @ 7.0% cap · market cap 6.36%
Second Best
Retail
$1.35M
$1.18M – $1.58M
NOI $94,732 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$4.26M
$3.73M – $4.97M
NOI $298,157 @ 7.0% cap · market cap 15.29%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
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
$480,500
Median Home Value
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Market
Average Price Trend$/SF for Grocery and convenience stores in Miami-Dade County, FL
Properties on Market for Grocery and convenience stores in Miami-Dade County
Vacancy Rate% for Retail in South region
Similar Off Market Nearby
- Target Grocery — 1045 5th St Unit 201, Miami Beach, FL 33139
- Underground Donut Tour - Miami — 729 5th St, Miami Beach, FL 33139
- Calle 6 Food Market — 630 6th St, Miami Beach, FL 33139
- Meridian Market and Cafe — 812 6th St, Miami Beach, FL 33139
- Mr. Grocery — 910 West Ave #432, 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.
