Corner-Lot Retail NNN
For Sale
$1,950,000
764 Washington Avenue #CU-1-2-3-4, Miami Beach, FL 33139
Four leased, ground-level retail spaces include a corner grocery and combined restaurant/bar use within the Royal South Beach.
Property Size8,000 SF
Price / SF$250
Days on Market57
Property Features for 764 Washington Avenue #CU-1-2-3-4
General Information
Standard status
Active
Size
8,000 SF
Zoning
6400
Taxes and HOA fees
Annual Taxes
$20,650
Building Details
Building Size
8,000 SF
Buildings
1
Tenancy
Multi
Listing Agency:
Best of Luxury Realty Corp.
(786) 306-7965
Listed By:
Dennys Gonzalez · License #3210080
(786) 306-7965
Source:
Laerrealty
Added: Jul 1
Changed: Aug 22
Last Checked: Aug 26 at 5:48AM
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 offering includes four commercial-retail ground-level spaces (CU-1, CU-2, CU-3, and CU-4) totaling over 7,800 square feet of income-producing retail businesses. The corner space is operated as a grocery store, and the remaining spaces are combined to operate a restaurant/bar. All leases are NNN, described as having a low cost to the landlord, and the current tenants are characterized as stable, profitable, and willing to remain on site.
The building is located on a highly visible corner lot along Washington Ave in South Beach’s Hotel District, with proximity described as steps to Ocean Drive and Lincoln Road. All spaces are positioned on the ground level for the Royal South Beach Condo-Hotel.
The property has passed the 40-year recertification, and the 50-year recertification engineering study has been completed (see MLS attachments). Please contact the listing agent to schedule a showing; do not disturb the onsite businesses.
The building is located on a highly visible corner lot along Washington Ave in South Beach’s Hotel District, with proximity described as steps to Ocean Drive and Lincoln Road. All spaces are positioned on the ground level for the Royal South Beach Condo-Hotel.
The property has passed the 40-year recertification, and the 50-year recertification engineering study has been completed (see MLS attachments). Please contact the listing agent to schedule a showing; do not disturb the onsite businesses.
Key Highlights
- Four leased, ground‑level retail spaces in South Beach’s Hotel District, totaling over 7,800 sq. ft.
- Currently leased with yearly NET Income of $216,000.
- Corner space at Washington Ave & 8th Street is operated as a grocery store.
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Four leased, ground-level retail spaces include a corner grocery and combined restaurant/bar use within the Royal South Beach.
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 leased, ground‑level retail spaces in South Beach’s Hotel District, totaling over 7,800 sq. ft.; Currently leased with yearly NET Income of $216,000.; Corner space at Washington Ave & 8th Street is operated as a grocery store.
