124 Duval Street, Key West, FL 33040

$6,800,000
Property Type: Commercial Square Footage: 3,489 Lot Size (sq. ft.): 3,534 Status: Closed
Current Price: $6,800,000 List Date: 6/24/2022 Last Modified: 9/09/2024

Description

Old Town, Circa late 1800's Historically recognized Building, Mixed Commercial Use property. Lower prime 100 block of Duval Street, owner-operated Bar & Guesthouse operation...plus... separate cafe & franchised ice cream store leasehold rental income stream. Operated as the infamous SMALLEST BAR IN KEY WEST & the SMALLEST BAR INN. - - The guesthouse with a 40+ year track record, operates with (5) licensed transient units, one of which is sized as a large two bedroom, two bath unit. - - The long established bar operation with a 22 year track record, does extremely well tucked into an alley way, set back just 20' from the sidewalk creating its charm & fame. A Google search of the SMALLEST BAR IN KEY WEST will best describe its notoriety .....The combination of transient units with the bar operation generates a significant gross income for its overall size. Additionally, both the 40 seat cafe and street side ice cream parlor leaseholds, generate an additional $100,000+, steady annual income. - - Located on Lower Duval Street, half a block down from Sloppy Joe's & Captain Tony's Saloon; dead center within the high pedestrian traffic flow of the famed Key West Entertainment District. Short walk for arriving cruise ship passengers & the late afternoon Mallory Square Sunset revelers. - - The bar serves full alcohol & package under a valuable 5-Cop (S) Liquor License available only to the limited number of Inns operating within an Historic Structure. Bar income tied to a % of room sales. License is renewable annually with the State for a reasonable fee & and must remain with the property upon a sale. - - The small size of the overall operation requires very few employees.- - - Perfect mixed use property for an Owner/ Operator desiring an established bar & guesthouse business, with two additional commercial lease revenues.

More Information MLS# 599036

Contract Information

Listing Board: Key West Association Limited Representation: No As is Rght to Inspct: Yes Potential Short Sale: No Bank Owned: No For Sale/Lease: For Sale Species List: No Current Price: $6,800,000 Listing Date: 2022-01-04 Sold Price: $6,800,000

Location, Tax & Legal

KW Neighborhood: Old Town-N of Truman City: KEY WEST Off Shore Island: No Mile Marker: 1 Marathon Neighborhood: N/A Side: N/A Flood Zone: AE Alternate Key #: 1000566 Parcel #: 00000570-000000 Zoning: HRCC(1 - 4) - Hist Res Comm Core 1-4 SF Specl Legal: KW PT LOT 2 SQR 8 G13-252 OR546-980 OR871-1405/06 OR871-1407/08 OR871-1409 OR1190-2420/21 OR2584-392/94 OR2587-2046/47C Taxes: 19213.8 Tax Year: 2021 Street #: 124 Street Name: Duval Street Suffix: Street Key/Island: Key West State/Province: FL Zip Code: 33040 Subdivision: Old Town - Unlisted (1.0) County: Monroe Area: 02 - Key West

General Property Description

Realtor.COM Type: Commercial Waterfront: No Control Depth: 0 Lot Size: 36' x 100' Lot SqFt: 3534 Business Name: Smallest Bar Inn Total Units: 0 Year Established: 1989-12-31 # Parking Spaces: 0 Off Street Parking: 0 # Stories: 2 SqFt Source: Tax Records Total # Buildings: 2 Building SqFt: 3489 Style: Commercial Living Apx SqFt: 3489 Year Built: 1933

Remarks & Misc

Remarks – Consumer: Old Town, Circa late 1800's Historically recognized Building, Mixed Commercial Use property. Lower prime 100 block of Duval Street, owner-operated Bar & Guesthouse operation...plus... separate cafe & franchised ice cream store leasehold rental income stream. Operated as the infamous SMALLEST BAR IN KEY WEST & the SMALLEST BAR INN. - - The guesthouse with a 40+ year track record, operates with (5) licensed transient units, one of which is sized as a large two bedroom, two bath unit. - - The long established bar operation with a 22 year track record, does extremely well tucked into an alley way, set back just 20' from the sidewalk creating its charm & fame. A Google search of the SMALLEST BAR IN KEY WEST will best describe its notoriety .....The combination of transient units with the bar operation generates a significant gross income for its overall size. Additionally, both the 40 seat cafe and street side ice cream parlor leaseholds, generate an additional $100,000+, steady annual income. - - Located on Lower Duval Street, half a block down from Sloppy Joe's & Captain Tony's Saloon; dead center within the high pedestrian traffic flow of the famed Key West Entertainment District. Short walk for arriving cruise ship passengers & the late afternoon Mallory Square Sunset revelers. - - The bar serves full alcohol & package under a valuable 5-Cop (S) Liquor License available only to the limited number of Inns operating within an Historic Structure. Bar income tied to a % of room sales. License is renewable annually with the State for a reasonable fee & and must remain with the property upon a sale. - - The small size of the overall operation requires very few employees.- - - Perfect mixed use property for an Owner/ Operator desiring an established bar & guesthouse business, with two additional commercial lease revenues.

Status Change Info

Sold Comments: all cash transaction, no bank financing. Sold Date: 2022-06-23 Sold Price: $6,800,000 Status: Closed

Deed Restrictions

No: 1

Association Info

Mandatory Home Owners Asc: No Voluntary Home Owners Asc: No 1st Right of Refusal: No Assoc Approval Req: No

License Info

# of Transient Licns: 5 SRX (Non-Transferab): 1 Other/See Remarks: 1

Type

Apartment 3 or more: 1 Hotel/Motel: 1 Restaurant: 1

Fee Includes

None: 1

Dockage

None: 1

Accounts & Meters

# Water Meters: 2 # Electric Meters: 8

Appliances

Other: under counter refrig

Property Info

License Included: 1

Cooling

Ceiling Fans(s): 1 Heat Pump: 1

Waterfront

None: 1

Waterview

No Waterview: 1

Interior Features

Furnished: 1 Smoke Alarms: 1 Wet Bar: 1

Construction

Frame: 1

Land Size

None: 1

Terms

No Seller Finance: 1

Utilities

FKAA: 1 Municipal Sewer: 1 Separate Meters: 1

Title

Negotiable: 1

Property Rights

Beverage License: 1 Multi-Use/Commercial: 1 Transient License: 1

Roof

Metal Roof: 1 Shingle Roof: 1

Financial Status

Bank Owned: No Potential Short Sale: No

Property Features

Deed Restrictions: No License Info: SRX (Non-Transferab); Other/See Remarks Property Info: License Included Type: Apartment 3 or more; Hotel/Motel; Restaurant Waterfront: None Waterview: No Waterview Dockage: None Cooling: Ceiling Fans(s); Heat Pump Utilities: FKAA; Municipal Sewer; Separate Meters Interior Features: Furnished; Smoke Alarms; Wet Bar Construction: Frame Roof: Metal Roof; Shingle Roof Land Size: None Fee Includes: None Terms: No Seller Finance Title: Negotiable Property Rights: Beverage License; Multi-Use/Commercial; Transient License
Listing Office: Berkshire Hathaway HomeServices Knight & Gardner Realty
Last Updated: September - 09 - 2024
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