4 Ground-Level NNN Retail
For Sale
$1,950,000
764 Washington Avenue Cu-1-2-3-4, Miami Beach, FL 33139
Four leased commercial suites support grocery and restaurant-bar operations beneath a condo-hotel in South Beach’s Hotel District.
Property Size8,000 SF
Price / SF$243.75
Days on Market66
Property Features for 764 Washington Avenue Cu-1-2-3-4
General Information
Standard status
Active
Size
8,000 SF
Net Operating Income
$216,000
Additional Details
Floor
Ground
Corner Location
Yes
Building Details
Tenancy
Multi
Listing Agency:
Best of Luxury Realty Corp.
Listed By:
Dennys E. Gonzalez · License #A12020955
(786) 306-7965
Source:
Thepennteam
Added: Sep 1
Changed: Oct 25
Last Checked: Oct 7 at 2:30PM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This commercial property comprises four ground-floor spaces identified as CU-1, CU-2, CU-3, and CU-4. The corner suite at Washington Avenue and 8th Street operates as a grocery store, while the remaining spaces function together as a restaurant and bar. Each space is leased on an NNN basis, and the existing tenants have indicated they are willing to remain.
The property occupies a highly visible corner along Washington Avenue in South Beach’s Hotel District, with Ocean Drive and Lincoln Road nearby. All suites serve as ground-level commercial space for the Royal South Beach Condo-Hotel. The building has completed its 40-Yr recertification, and a 50-Yr recertification engineering study has been completed.
The property occupies a highly visible corner along Washington Avenue in South Beach’s Hotel District, with Ocean Drive and Lincoln Road nearby. All suites serve as ground-level commercial space for the Royal South Beach Condo-Hotel. The building has completed its 40-Yr recertification, and a 50-Yr recertification engineering study has been completed.
Key Highlights
- Four commercial spaces designated CU‑1‑2‑3‑4
- NNN leases with low landlord operating costs
- Corner suite at Washington Avenue and 8th Street operates as a grocery store
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$154,008
Cap Rate
7.90%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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
Frequently Asked Questions
What type of property is this?
NNN property - Four leased commercial suites support grocery and restaurant-bar operations beneath a condo-hotel in South Beach’s Hotel District.
Where is this nnn property located?
The property is located at 764 Washington Avenue 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: Four commercial spaces designated CU‑1‑2‑3‑4; NNN leases with low landlord operating costs; Corner suite at Washington Avenue and 8th Street operates as a grocery store
