1500 Washington Ave
Miami Beach, FL 33139
Retail Property For Sale

Marcus & Millichap is proud to exclusively market for sale 1500 Washington Avenue, a 7,116 square foot multi-tenant strip center located on the hard-Northwest corner of 15th street and Washington Avenue in the heart of world-famous Miami Beach, Florida. Anchored by corporate guaranteed Five Guys Burgers, a national tenant with over 1,500 locations, this trophy strip center has four additional small bays, three of which are fully occupied by successful local food concepts that are ideally located on busy Washington Avenue. The property sits on 8,100 square feet of land and has excellent visibility and frontage on the signalized corner. In addition, there is 5,000 square feet of undeveloped area that can be added to the property. Built in 1948, the building has undergone extensive renovations over the years and is a rare small bay strip with multiple fully built out restaurant spaces. Just two blocks north of the subject property is the iconic intersection of Washington Avenue and the Lincoln Road Mall which is home to many well-known national retailers including Zara, Apple Store, Victoria’s Secret, Nike Store, Sephora, Express, and many more. Two blocks to the east of the subject property sits the northern tip of Ocean Drive, home to many of the most iconic Art Deco Hotels, restaurant and nightlife venues in all of Miami Beach. This section of Miami Beach remains one of most high traffic corners with respect to both vehicular and walking traffic on all of South Beach. The immediate area is continuing to grow in density and walking traffic due to the recent completion of the Miami Beach Convention Center renovation which is located only three blocks north of the subject property on Washington Avenue and 18th Street. There are multiple hotels within the immediate area including the Courtyard by Marriot that sits next door, along with the newly built Hyatt Centric South Beach one block away and the world-famous Lowe’s Hotel and Ritz Carlton Hotels that are just around the corner. 1500 Washington Avenue is a rare opportunity for an investor to purchase a corner location cash flowing multi-tenant retail strip in the heart of South Beach. There is a month to month tenant occupying the 564 square feet westernmost space in the property which can be replaced for significant upside in rental income. Additionally, all of the current tenants in the property have annual base rental increases and are on full NNN leases.