40 Island Ave
Ownership and recorded sale history
What has actually traded in South Beach / Collins Avenue
Recorded transactions for commercial properties in South Beach along Collins Avenue, Alton Road and Washington Avenue, narrowed to the buildings closest to this one in size and age.
Reading this against the corridor
The county assesses this building at $646/SF. Recorded sales of commercial properties in South Beach / Collins Avenue since 2021 have a median of $783/SF, across a range of $371/SF to $1,978/SF.
Across those 8 recorded sales, the median sale price came in at 1.57× the county assessed value. Assessed values are set for taxation and are reset on their own schedule, so they routinely sit apart from transaction prices — in either direction.
By footprint it sits in roughly the 97th percentile of commercial properties that have traded in this corridor — 4 of the 149 recorded sales were of larger buildings.
The assessment works out 17% below the median price per square foot of the comparable sales shown below. That is an arithmetic comparison of a tax figure against transaction prices, not a statement about what this building would sell for.
What this means for this building depends on what no public record contains — the leases, the condition, the rent roll.
Recorded sales of comparable size and vintage
| Property | Size | Built | Sold | Price | Per SF |
|---|---|---|---|---|---|
1775 Collins Ave + 2 more parcels | 136,469 | 1940 | 2025 | $270,000,000 | $1,978 |
1000 Collins Ave | 54,944 | 1936 | 2025 | $31,000,000 | $564 |
2360 Collins Ave | 141,485 | 1954 | 2024 | $52,500,000 | $371 |
1400 Ocean Dr | 28,286 | 1939 | 2024 | $19,700,000 | $696 |
1825 Collins Ave | 147,592 | 1950 | 2023 | $165,400,000 | $1,121 |
1401 Collins Ave + 1 more parcel | 32,104 | 1936 | 2023 | $26,500,000 | $825 |
720 Ocean Dr | 31,756 | 1937 | 2023 | $23,500,000 | $740 |
626 Ocean Dr | 61,759 | 1930 | 2021 | $81,453,800 | $1,319 |
Important Disclosures
Not a listing. The property described on this page is not listed for sale or lease by Justin Crow or Mattis Advisors. Justin Crow has no listing authority for this property and does not represent the owner unless explicitly engaged in a written agreement.
Not an appraisal. Nothing on this page constitutes an appraisal, a Broker's Opinion of Value, or a Broker Price Opinion under Florida Statute 475.612. The submarket benchmarks shown are general market observations and are not specific opinions of value for this property.
Public records. All property data is sourced from the Miami-Dade County Property Appraiser's public records and is reproduced here for informational purposes. Property data may be inaccurate or out of date. Justin Crow makes no warranty as to the accuracy or completeness of any information on this page.
Owner opt-out. If you are the owner of this property and would prefer this page be removed, please email justin@mattisadvisors.com with the subject "Opt-out — Folio 0232330040090." We will remove the page within 24 hours of receipt, no questions asked.
About. Justin Crow is a Florida-licensed real estate associate operating under Mattis Advisors. Brokerage activity is conducted through Mattis Advisors.