Log In/Sign Up
Your email has been sent.
5445 Collins Ave - An Icon Ready for its Encore 5,750 - 25,860 SF Retail Condo Units Offered at $3,500,000 - $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.
3 Units Available
- Unit
- Unit Size
- Condo Use
- Price
- NOI
| Sale Type | Investment or Owner User | APN/Parcel ID | 02-3214-021-5400, 02-3214-021-5410 |
| Sale Conditions | Building in Shell Condition |
| 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.
| Sale Type | Investment or Owner User | No. Parking Spaces | 2 |
| Sale Type | Investment or Owner User |
| No. Parking Spaces | 2 |
Description
This prime commercial hospitality offering comprises two contiguous units totaling 5,750 adjusted square feet (Unit CU-2A at 4,500 SF and Unit L6 at 1,250 SF) within the oceanfront landmark property at 5445 Collins Avenue in Miami Beach. Built in 1966, the space currently operates as Blu Gin Restaurant and Lounge. It features soaring floor-to-ceiling perimeter windows delivering direct Atlantic Ocean vistas, high-volume dining room capacity, an expansive full-service bar, and a fully equipped commercial kitchen complete with commercial hood, flat tops, grill, fryers, and refrigeration infrastructure.
The offering includes an active 4COP license with delivery allowances, presenting an operator or investor with immediate, barrier-free market entry along Mid-Beach's prestigious Millionaire's Row. The layout delivers high-visibility exposure to the property's busy residential and guest lobby, creating a captive customer pipeline while capturing external local and tourist patrons. The dual-unit configuration allows for flexible operational structuring, expanded banquet seating, or dedicated back-of-house storage and administrative functions.
The offering includes an active 4COP license with delivery allowances, presenting an operator or investor with immediate, barrier-free market entry along Mid-Beach's prestigious Millionaire's Row. The layout delivers high-visibility exposure to the property's busy residential and guest lobby, creating a captive customer pipeline while capturing external local and tourist patrons. The dual-unit configuration allows for flexible operational structuring, expanded banquet seating, or dedicated back-of-house storage and administrative functions.
| Sale Type | Investment or Owner User | APN/Parcel ID | 02-3214-021-5530 |
| 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.
| Unit | Unit Size | Condo Use | Price | NOI |
| Unit CU1 | 25,860 SF | Retail | $6,500,000 ($251.35/SF) | - |
| Unit CU2A | 5,750 SF | Retail | $3,500,000 ($608.70/SF) | - |
| Unit CU14 | 12,006 SF | Retail | $4,250,000 ($353.99/SF) | - |
Unit CU1
| Unit Size |
| 25,860 SF |
| Condo Use |
| Retail |
| Price |
| $6,500,000 ($251.35/SF) |
| NOI |
| - |
Unit CU2A
| Unit Size |
| 5,750 SF |
| Condo Use |
| Retail |
| Price |
| $3,500,000 ($608.70/SF) |
| NOI |
| - |
Unit CU14
| Unit Size |
| 12,006 SF |
| Condo Use |
| Retail |
| Price |
| $4,250,000 ($353.99/SF) |
| NOI |
| - |
1 of 20
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Unit CU1
| Unit Size | 25,860 SF |
| Condo Use | Retail |
| Price | $6,500,000 ($251.35/SF) |
| NOI | - |
| 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.</li></ul> | |
| 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.</li></ul> |
1 of 34
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Unit CU2A
| Unit Size | 5,750 SF |
| Condo Use | Retail |
| Price | $3,500,000 ($608.70/SF) |
| NOI | - |
| Sale Type | Investment or Owner User |
| No. Parking Spaces | 2 |
| Description | |
| This prime commercial hospitality offering comprises two contiguous units totaling 5,750 adjusted square feet (Unit CU-2A at 4,500 SF and Unit L6 at 1,250 SF) within the oceanfront landmark property at 5445 Collins Avenue in Miami Beach. Built in 1966, the space currently operates as Blu Gin Restaurant and Lounge. It features soaring floor-to-ceiling perimeter windows delivering direct Atlantic Ocean vistas, high-volume dining room capacity, an expansive full-service bar, and a fully equipped commercial kitchen complete with commercial hood, flat tops, grill, fryers, and refrigeration infrastructure. <br> <br> The offering includes an active 4COP license with delivery allowances, presenting an operator or investor with immediate, barrier-free market entry along Mid-Beach's prestigious Millionaire's Row. The layout delivers high-visibility exposure to the property's busy residential and guest lobby, creating a captive customer pipeline while capturing external local and tourist patrons. The dual-unit configuration allows for flexible operational structuring, expanded banquet seating, or dedicated back-of-house storage and administrative functions.</li></ul> |
1 of 23
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Unit CU14
| Unit Size | 12,006 SF |
| Condo Use | Retail |
| Price | $4,250,000 ($353.99/SF) |
| NOI | - |
| 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.</li></ul> | |
| 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.</li></ul> |
Property Facts
The following property facts and amenities apply to the entire building. Details for individual condo units may vary and are listed in the unit information above.
| 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
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 570 | - | - |
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
50/100
Contacts
-
Tony Saladrigas -
Anne Mairura -
Carlos Fausto Miranda -
Fausto Commercial Realty Consultants
1 of 14
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
