511 Eaton Street, Key West, FL 33040 (MLS# 121637)

511 Eaton Street, Key West, FL 33040

$9,000,000

Property Type: Commercial Lot Size (sq. ft.): 17,108 Status: Closed

Current Price: $9,000,000 List Date: 5/26/2015 Last Modified: 9/09/2024

Description

Old Town Manor & Rose Lane Villas are comprised of 20 rentable rooms in the very heart of the Old Town commercial district located 1/2 block from Duval St. and in the vibrant Eaton St. Arts District. The 4 buildings on 3 parcels include an historic 1886 Victorian mansion and carriage house with 14 rentable rooms with the possibility of expansion and 2 two-story conch houses with 6 rentable rooms. The vast lush gardens are utilized for the successful wedding business and the 49 seat restaurant license. The financials are excellent. Listed at a 7.04% cap rate,, this investment opportunity with KW's regulated supply and seemingly endless demand is too good to pass up in today's investment market.

More Information MLS# 121637

Contract Information

Listing Board: Key West Association Limited Representation: No As is Rght to Inspct: Yes Potential Short Sale: No For Sale/Lease: For Sale Species List: Yes Current Price: $9,000,000 Listing Date: 2015-05-26 Sold Price: $9,000,000

Location, Tax & Legal

KW Neighborhood: Old Town-N of Truman City: KEY WEST Mile Marker: 1 Side: Median Flood Zone: X and AE Alternate Key #: 1004502 Add'l Parcel #1: 522 Rose Lane Parcel #: 511 Eaton Street Add'l Parcel #2: 524 Rose Lane Bldg Nbr: 2 Legal: See Appraiser's website for three separate parcels: 511 Eaton St., 522 Rose Lane and 524 Rose Lane Taxes: 43000 Tax Year: 2014 Street #: 511 Street Name: Eaton Street Suffix: Street Key/Island: Key West State/Province: FL Zip Code: 33040 Subdivision: Old Town - Unrecord (1.0) County: Monroe Area: 01 - Key West

General Property Description

Realtor.COM Type: Commercial Waterfront: No Lot SqFt: 17108 Business Name: Old Town Manor & Ros Total Units: 20 Year Established: 2006-01-01 # Parking Spaces: 9 # Stories: 2 Building Ht. Ft.: 0 Total # Buildings: 4 Building SqFt: 9422 Style: Commercial

Remarks & Misc

Remarks – Consumer: Old Town Manor & Rose Lane Villas are comprised of 20 rentable rooms in the very heart of the Old Town commercial district located 1/2 block from Duval St. and in the vibrant Eaton St. Arts District. The 4 buildings on 3 parcels include an historic 1886 Victorian mansion and carriage house with 14 rentable rooms with the possibility of expansion and 2 two-story conch houses with 6 rentable rooms. The vast lush gardens are utilized for the successful wedding business and the 49 seat restaurant license. The financials are excellent. Listed at a 7.04% cap rate,, this investment opportunity with KW's regulated supply and seemingly endless demand is too good to pass up in today's investment market. Directions: US1 South to Duval Street. North (right) on Duval St to Eaton St. East (right) on Eaton St. Old Town Manor is near Duval on North (left) side of street.

Deed Restrictions

Unknown: 1

Association Info

Mandatory Home Owners Asc: No Association Fee $: 0

License Info

# of City License: 3 # of Transient Licns: 2 Non Trans Rntl Lic: 1

Type

Hotel/Motel: 1 Restaurant: 1 Other Services: 1

Dockage

None: 1

Accounts & Meters

# Sewer Accounts: 6

Property Info

Gross Annual Expense: 0 NOI: 747000

Cooling

Ceiling Fans(s): 1 Wall/Window Unit(s): 1

Floor

Vinyl: 1 Wood: 1

Interior Features

Laundry Room: 1

Windows/Doors

Wood Windows: 1

Vehicle Storage

Car(s): 4+ Guest Parking: 1 Off Street Parking: 1

Construction

Frame: 1

Land Size

1/4 - 1/2 Acre: 1

Utilities

FKAA: 1 Municipal Sewer: 1 Propane: 1

Property Rights

Transient License: 1

Miscellaneous

Fencing: 1 High Traffc Location: 1 High Visibility: 1 Lobby: 1 Patio: 1 Pool: 1 Sprinkler System: 1 Storage: 1 Utility Building: 1

Roof

Metal Roof: 1

Financial Status

Potential Short Sale: No

Status Change Info

Sold Date: 2016-01-15 Sold Price: $9,000,000 Status: Closed

Property Features

Deed Restrictions: Unknown License Info: Non Trans Rntl Lic Type: Hotel/Motel; Restaurant; Other Services Dockage: None Vehicle Storage: Guest Parking; Off Street Parking Cooling: Ceiling Fans(s); Wall/Window Unit(s) Utilities: FKAA; Municipal Sewer; Propane Interior Features: Laundry Room Miscellaneous: Fencing; High Traffc Location; High Visibility; Lobby; Patio; Pool; Sprinkler System; Storage; Utility Building Construction: Frame Floor: Vinyl; Wood Roof: Metal Roof Land Size: 1/4 - 1/2 Acre Property Rights: Transient License

Listing Office: At Home in Key West, Inc.

Last Updated: September - 09 - 2024

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