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 Market19
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
(305) 406-7165
Source:
Thepennteam
Added: Sep 1
Changed: Sep 18
Last Checked: Sep 18 at 1:02PM
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-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 = 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
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 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
