Freestanding Entertainment and Retail
For Sale
$3,900,000
777 Northeast 79th Street, Miami, FL 33138
Freestanding building with multiple rooms for dining, retail, office, bar, and private event use.
Property Size5,177 SF
Price / SF$753.33
Days on Market153
Property Features for 777 Northeast 79th Street
General Information
Standard status
Active
Size
5,177 SF
Property subtype
Commercial Sale / Mixed Use
Site & Location
Traffic Count
40,000 vehicles/day
Road Access
Yes
Amenities
Central Individual
Electric
1.0
Concrete
1
5
CBS
Shingle
10
Free Standing
No
Building Details
Year Built
1971
Listing Agency:
Realty Hub
(305) 439-4363
Listed By:
Alan I Waserstein · License #0438224
(305) 439-4363
Source:
Compass
Added: Mar 25
Changed: Aug 8
Last Checked: Jul 28 at 2:27PM
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 Realty Hub
Investment Insights
Based on property information with market context.
Freestanding, unique retail property featuring approximately 5,180 square feet of entertainment space and multiple interior rooms that can support uses such as restaurant, retail, office, bar, night club, and special or private events. The building has a brand new roof, recently passed its 40-year inspection, and includes new HVAC throughout.
The property is located east of Biscayne, across from the marina, with exposure to NE 79th Street. There is lots of parking in the front 100 feet of frontage. Public remarks also note that more than 40,000 cars pass by daily. The surrounding area is described as active with new businesses and restaurants, including Shoe Gallery and YAYA restaurant, along with new residential developments.
The property is located east of Biscayne, across from the marina, with exposure to NE 79th Street. There is lots of parking in the front 100 feet of frontage. Public remarks also note that more than 40,000 cars pass by daily. The surrounding area is described as active with new businesses and restaurants, including Shoe Gallery and YAYA restaurant, along with new residential developments.
Key Highlights
- Freestanding unique retail building with multiple rooms for dining, retail, office, bar, and special/private events
- 5,180 SF entertainment space in a 1‑story CBS building with shingle roof
- 10 offices and central individual cooling with electric heating
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
$244,616
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
6.27%
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%
$4,892,320
$4.9M
Cap Rate 7%
$3,494,514
$3.5M
Cap Rate 9%
$2,717,956
$2.7M
Market Conditions
NOI Build-Up for 5,177 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
$331.1K $63.96/SF
− Vacancy
−$5.0K −$0.96/SF
EGI
$326.2K $63.00/SF
− OpEx
−$81.5K −$15.75/SF
NOI
$244.6K $47.25/SF
Area
Miami, FL
Vacancy
1.50%
Lease Rate
$63.96 /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%
$4,892,320
Cap Rate 7%
$3,494,514
Cap Rate 9%
$2,717,956
Alternative Uses
Best Use
Specialty Retail
$3.49M
$3.06M – $4.08M
NOI $244,616 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
40,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33138, FL
27,601
Population
14,310
Households
1.9
Avg Household Size
43
Median Age
47%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
6,572
Density / Sq Mi
$71,518
Median Household Income
$52,853
Median Earnings
$1,647
Median Rent
$686,300
Median Home Value
Market
Vacancy Rate% for Retail in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Night club - Freestanding building with multiple rooms for dining, retail, office, bar, and private event use.
Where is this night club located?
The property is located at 777 Northeast 79th Street Miami, FL.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Freestanding unique retail building with multiple rooms for dining, retail, office, bar, and special/private events; 5,180 SF entertainment space in a 1‑story CBS building with shingle roof; 10 offices and central individual cooling with electric heating
