Corner-Lot Retail NNN
764 Washington Avenue #CU1234 Miami Beach, FL 33139
764 Washington Avenue #CU1234, Miami Beach, FL, 33139
$2,800,000
For Sale
$2,800,000
Four leased, ground-level retail spaces include a corner grocery and combined restaurant/bar use within the Royal South Beach.
Property Size7,800 SF
Price / SF$358.97
Days on Market23
Property Features for 764 Washington Avenue #CU1234
General Information
- Standard status
- Active
- Size
- 7,800 SF
Listing agency
Best of Luxury Realty Corp.
(786) 306-7965
Listed by
Dennys Gonzalez · License #3210080
(786) 306-7965
Source
Laerrealty
Added: Jul 1 Updated: Jul 22 at 8:09PM Checked: Jul 23 at 3:31AM
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.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $215.3k | $27.60 |
| − Vacancy | −$15.1k | −$1.93 |
| EGI | $200.2k | $25.67 |
| − OpEx | −$50.1k | −$6.42 |
| NOI | $150.2k | $19.25 |
7,800 SF · lease $27.60/SF/yr · vacancy 7.00% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Grocery and convenience stores
Similar For Sale Nearby
FAQs
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 #CU1234 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: 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.
