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5445 Collins Ave - An Icon Ready for its Encore 12,006 - 25,860 SF Retail Condo Units Offered at $4,250,000 - $6,500,000 Per Unit in Miami Beach, FL 33140
Investment Highlights
- ±26,000 SF across three levels and high interior clearances, the building is structurally optimized for high-capacity nightclubs, live performances
- "Warm Shell" for an operator to custom-build a flagship concept from the ground up.
- No Association Approval Needed for Business Type
- Large-format entertainment spaces are virtually non-existent on the oceanfront.
- At a $6.5M entry point for nearly 26,000 SF, the price per square foot offers a substantial margin for a comprehensive renovation.
- Liquor License Sale with CU14
Executive Summary
The Castle Beach Club (historically known as the Playboy Plaza Hotel) is a landmark 18-story oceanfront building located at 5445 Collins Avenue on Miami Beach’s prestigious "Millionaire’s Row". Completed in 1966, the property occupies a prime four-acre site with over 570 linear feet of direct beach frontage.
Property Facts
| Total Building Size | 295,634 SF | Typical Floor Size | 15,200 SF |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Lot Size | 4.01 AC |
| Building Class | B | Parking Ratio | 0.08/1,000 SF |
| Floors | 15 | ||
| Zoning | 4100 - Commercial | ||
| Total Building Size | 295,634 SF |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Floors | 15 |
| Typical Floor Size | 15,200 SF |
| Year Built | 1966 |
| Lot Size | 4.01 AC |
| Parking Ratio | 0.08/1,000 SF |
| Zoning | 4100 - Commercial |
Amenities
Site Amenities
- 24 Hour Access
- Fitness Center
- Pool
- Spa
- Tennis Court
- Waterfront
- Gated
- Smoke Free
2 Units Available
Unit CU1
| Unit Size | 25,860 SF | Sale Type | Investment or Owner User |
| Price | $6,500,000 | Sale Conditions | Building in Shell Condition |
| Price Per SF | $251.35 | APN/Parcel ID | 02-3214-021-5400, 02-3214-021-5410 |
| Condo Use | Retail |
| Unit Size | 25,860 SF |
| Price | $6,500,000 |
| Price Per SF | $251.35 |
| Condo Use | Retail |
| Sale Type | Investment or Owner User |
| Sale Conditions | Building in Shell Condition |
| APN/Parcel ID | 02-3214-021-5400, 02-3214-021-5410 |
Description
The historic Playboy Theatre features 25,860 square feet of high-volume interior space across a triple-level layout. The existing structure boasts soaring ceilings and massive, open floor plates, architectural assets nearly impossible to replicate under current Miami Beach building codes. The "bones" of the venue, including the original grand stage and structural volumes, provide a robust foundation that significantly reduces the complexity of a ground-up build. A key operational advantage is the expansive kitchen area located parallel to the main theatre volume, which provides the necessary footprint for high-volume back-of-house operations.
Sale Notes
Located at 5445 Collins Avenue in the heart of Miami Beach’s prestigious Mid-Beach corridor. The space currently requires full renovation, serving as a premier "blank canvas" for a visionary developer or hospitality group. With no association approval needed for business type, the property is uniquely suited for a flagship nightclub, live-performance theatre, or movie theatre where the expansive vertical clearance and existing stage infrastructure allow for world-class acoustics and immersive lighting design. The layout is also ideal for a modern supper club, a high-end cabaret, or a hybrid entertainment-dining concept that requires seamless service between a commercial-grade kitchen and a grand performance space. Positioned steps from the ocean in a high-barrier-to-entry market, this asset allows an investor to curate a marquee destination that captures the high-spending demographic of the Collins Avenue corridor.
+15 More
5445 Collins Ave-Miami Beach, Tony-32
5445 Collins Ave-Miami Beach, Tony-27
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Unit CU14
| Unit Size | 12,006 SF | Condo Use | Retail |
| Price | $4,250,000 | Sale Type | Investment or Owner User |
| Price Per SF | $353.99 | APN/Parcel ID | 02-3214-021-5530 |
| Unit Size | 12,006 SF |
| Price | $4,250,000 |
| Price Per SF | $353.99 |
| Condo Use | Retail |
| Sale Type | Investment or Owner User |
| APN/Parcel ID | 02-3214-021-5530 |
Description
Unit CU-14 is a strategically vital commercial asset within a premier Miami Beach oceanfront corridor. Spanning a total of approximately 12,006 square feet, this unit serves as the functional heart of the property. It consists of 2,087 square feet of finished office, reception space, and convenience store paired with a massive 9,919-square-foot infrastructure shell that includes a pump room, valet area, dedicated storage, linen closets and utility rooms situated across 14 floors. Uniquely, this acquisition includes an active liquor license, as the space is currently authorized for alcohol sales, offering a turnkey solution for hospitality groups seeking to bypass the significant regulatory hurdles of Miami Beach.
Sale Notes
CU-14 offers a "blank canvas" for a visionary investor to build out a high-volume hospitality hub. Subsequently; it complements the current sale of the Playboy Theatre located within the same building. Positioned within the RM-3 High-Density district, this asset represents a rare opportunity to own the operational backbone of a landmark building, complete with the licensing necessary to drive premium revenue in one of the world's most iconic beachfront markets.
+18 More
5445 Collins Ave-Miami Beach, Tony-38
5445 Collins Ave-Miami Beach, Tony-13
5445 Collins Ave-Miami Beach, Tony-39
5445 Collins Ave-Miami Beach, Tony-12
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5445 Collins Ave-Miami Beach, Tony-45
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5445 Collins Ave-Miami Beach, Tony-18
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 570 | - | - |
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5445 Collins Ave - An Icon Ready for its Encore
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