Retail Space with Food-Service
928 Ocean Drive, Miami Beach, FL 33139
For Sale
Contact for pricing
The 1994 property is on Ocean Drive amid hotels, restaurants, nightlife and tourist attractions.
Property Size10,696 SF
Price / SF$2.62
Days on Market50
Property Features for 928 Ocean Drive
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
Hausroof, LLC.
(305) 399-6610
Listed By:
Dirk Saecker · License #3050489
(786) 853-2325
Source:
Wycliffecommunityrealty
Added: Sep 21
Changed: Nov 8
Last Checked: Nov 8 at 9:29AM
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 Hausroof, LLC.
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Investment Insights
Based on property information with market context.
This retail space at 928 Ocean Dr offers potential for food-and-beverage use, including a small restaurant or cafe. Liquor licensing may be available through Voodoo Lounge, identified as the property’s primary tenant. The building dates to 1994.
Ocean Drive is the setting, with hotels, restaurants, nightlife, entertainment and tourist attractions in the surrounding area. The property is in Miami Beach, Florida.
Ocean Drive is the setting, with hotels, restaurants, nightlife, entertainment and tourist attractions in the surrounding area. The property is in Miami Beach, Florida.
Key Highlights
- Ocean Drive address in Miami Beach
- Potential liquor licensing through primary tenant Voodoo Lounge
- Surrounded by hotels, restaurants, nightlife, entertainment and tourist attractions
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$180,861
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,617,220
$3.6M
Cap Rate 7%
$2,583,729
$2.6M
Cap Rate 9%
$2,009,567
$2.0M
Market Conditions
NOI Build-Up for 10,696 SF
Gross rent
$282.4K $26.40/SF
− Vacancy
−$24.0K −$2.24/SF
EGI
$258.4K $24.16/SF
− OpEx
−$77.5K −$7.25/SF
NOI
$180.9K $16.91/SF
Area
Miami-Dade County, FL
Vacancy
8.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,617,220
Cap Rate 7%
$2,583,729
Cap Rate 9%
$2,009,567
Alternative Uses
Best Use
Specialty Retail
$2.94M
$2.57M – $3.43M
NOI $205,909 @ 7.0% cap · market cap 735.39%
Second Best
Retail
$2.58M
$2.26M – $3.01M
NOI $180,861 @ 7.0% cap · market cap 645.93%
Theoretical Best
Office A
$5.43M
$4.75M – $6.33M
NOI $379,857 @ 7.0% cap · market cap 1,356.63%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
8,611
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
$480,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Retail space in Miami Beach, FL
Properties on Market for Retail space in Miami Beach
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Retail space - The 1994 property is on Ocean Drive amid hotels, restaurants, nightlife and tourist attractions.
Where is this retail space located?
The property is located at 928 Ocean Drive Miami Beach, FL.
What are key features of this property?
This property features: Ocean Drive address in Miami Beach; Potential liquor licensing through primary tenant Voodoo Lounge; Surrounded by hotels, restaurants, nightlife, entertainment and tourist attractions
