220 Espanola Way
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220 Espanola Way
20,019 SF 51% Leased Retail Building Miami Beach, FL 33139 $14,000,000 ($699/SF) 5.79% Cap Rate
Investment Highlights
- Irreplaceable Gateway Corner, of EspañolaWay and Washington Avenue
- Strong Retail Corridor on a Growth Trajectory
- Below Market Average Lease Rates
- Stabilized In-Place Core + Retail Investment in South Beach
- New Leases with a QualityMerchandising Plan Tailored to the Submarket
Executive Summary
DWNTWN Realty Advisors has been exclusively retained to sell this retail investment at 1441 Washington Avenue, a prime multitenant
property located at the corner of Washington Avenue and Española Way in South Beach, Miami. Fully leased to established
tenants such as Willie’s Chicken, The Vendome Group, La Leggenda Pizzeria, and Serendipity3, the property includes entitlements
allowing 5 AM operations in Vendome’s space. With new leases in-place, this stabilized investment offers long-term cash flow, a highprofile
corner location, and a well-curated tenant mix tailored to the submarket. The property is a 17,324 SF Art Deco building,
designed by William F. Simpson in 1938, is steps from the beach, Ocean Drive, and Collins Avenue. Fully leased to established tenants
such as Willies Chicken, The Vendome Group, La Leggenda Pizzeria, and Serendipity3, the property includes entitlements allowing 5
AM operations in Vendome’s space. With new leases in-place, this stabilized investment offers long-term cash flow, a high-profile
corner location, and a well-curated tenant mix tailored to the submarket.
property located at the corner of Washington Avenue and Española Way in South Beach, Miami. Fully leased to established
tenants such as Willie’s Chicken, The Vendome Group, La Leggenda Pizzeria, and Serendipity3, the property includes entitlements
allowing 5 AM operations in Vendome’s space. With new leases in-place, this stabilized investment offers long-term cash flow, a highprofile
corner location, and a well-curated tenant mix tailored to the submarket. The property is a 17,324 SF Art Deco building,
designed by William F. Simpson in 1938, is steps from the beach, Ocean Drive, and Collins Avenue. Fully leased to established tenants
such as Willies Chicken, The Vendome Group, La Leggenda Pizzeria, and Serendipity3, the property includes entitlements allowing 5
AM operations in Vendome’s space. With new leases in-place, this stabilized investment offers long-term cash flow, a high-profile
corner location, and a well-curated tenant mix tailored to the submarket.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
20,019 SF
Building Class
C
Year Built
1938
Price
$14,000,000
Price Per SF
$699
Cap Rate
5.79%
NOI
$810,600
Percent Leased
51%
Tenancy
Multiple
Building Height
2 Stories
Slab To Slab
10’
Building FAR
1.84
Lot Size
0.25 AC
Zoning
CD-2 COMMERCIAL, MEDIUM - Commercial Central
Frontage
Amenities
- Bus Line
- Signalized Intersection
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- La Leggenda Pizzeria
- Accommodation and Food Services
-
99,999 SF
- -
-
Lorem Ipsum
- -
- Serendipity 3
- Accommodation and Food Services
-
99,999 SF
- -
-
Lorem Ipsum
- -
- Vendome Group
- Arts, Entertainment, and Recreation
-
99,999 SF
- -
-
Lorem Ipsum
- -
- Willie's Chicken Shack
- Accommodation and Food Services
-
99,999 SF
- -
-
Lorem Ipsum
-
Jan 0000
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| La Leggenda Pizzeria | Accommodation and Food Services | 99,999 SF | - | Lorem Ipsum | - | |
| Serendipity 3 | Accommodation and Food Services | 99,999 SF | - | Lorem Ipsum | - | |
| Vendome Group | Arts, Entertainment, and Recreation | 99,999 SF | - | Lorem Ipsum | - | |
| Willie's Chicken Shack | Accommodation and Food Services | 99,999 SF | - | Lorem Ipsum | Jan 0000 |
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Entrance to 2nd floor with elevator and stairs.
Elevator
| Space | Size | Space Use | Position | Available |
| Ground | 350 SF | Retail | In-Line | Now |
| 2nd Floor | 9,382 SF | Retail | - | Now |
Ground
| Size |
| 350 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
2nd Floor
| Size |
| 9,382 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| Now |
Ground
| Size | 350 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | Now |
Entrance to 2nd floor with elevator and stairs.
2nd Floor
| Size | 9,382 SF |
| Space Use | Retail |
| Position | - |
| Available | Now |
Elevator
Walk Score ®
Walker's Paradise (97)
Bike Score ®
Very Bikeable (78)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 02-3234-013-0040 | Improvements Assessment | $4,328,800 |
| Land Assessment | $4,309,200 | Total Assessment | $8,638,000 |
PROPERTY TAXES
Parcel Number
02-3234-013-0040
Land Assessment
$4,309,200
Improvements Assessment
$4,328,800
Total Assessment
$8,638,000
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