517 Duval & 518 Bahama Street, Key West, FL 33040

$5,800,000
Property Type: Commercial Sale Baths: 4 Square Footage: 7,854 Lot Size (sq. ft.): 9,068 Status: Closed
Current Price: $5,800,000 List Date: 3/10/2025 Last Modified: 9/30/2025

Description

Prime Trophy Investment Property in the heart of Duval St. The Coach Retail Building on the 500 block of Duval St. is a once in a lifetime opportunity! Property has been in the same family ownership since the 1940's. Tapestry aka Coach is a very strong, long term NNN retail tenant. Coach is preparing for a major and expensive upgrade and renovation to their store this summer 2025, all at their expense. Coach retail store occupies the entire ground floor with 51' of Duval St. frontage and a total of approx. 3,937 sf. Coach has been a great tenant in the building since 1998 and have a long term, NNN lease that was recently extended through January 31, 2033 with additional 3 year Option to extend until 2036. Upstairs are 6 professional offices and is completely rented. 2nd floor is 3,937 sf. with 6 individual offices. Upstairs tenants are on gross leases & each has own electric meter. Also a storage room & individual Men & Woman's bathrooms. Combined all tenants provide consistent income with minimal owner management. Valuable large parking lot in rear is 518 Bahama St. Room for 10 + cars plus dumpster and loading area. Both lots total 9,068 sf. 2 story concrete Building is in excellent condition and well maintained. Extensive list of Building repairs and recent renovations available includ. new impact resistant doors and windows & awning replaced on entire first floor storefront, rebuilt rear stairwell, recoat roof, and stormwater disposal well in lot plus many others. Property sits in the 500 Block of Duval St. and sits on high ground in an X flood zone. Thousands of tourists and locals walk by & drive by daily. Neighboring business include Margaritaville, Banana Republic, Kilwin's Fudge, Jack Flats, Gap, CVS & Walgreens, San Carlos Institute and more. Perfect investment for a1031 Exchange and/ or long term investor.

More Information MLS# 614103

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: $5,800,000 Listing Date: 2025-03-07 Sold Price: $5,800,000

Location, Tax & Legal

KW Neighborhood: Old Town-S of Truman City: KEY WEST Mile Marker: 1 Marathon Neighborhood: N/A Side: N/A Flood Zone: X Alternate Key #: 1009881 Add'l Parcel #1: 00009620-000000 Parcel #: 00009620-000000 Add'l Parcel #2: 00009630-000000 Zoning: HRCC(1 - 4) - Hist Res Comm Core 1-4 SF Specl Taxes: 33167.03 Tax Year: 2024 Street #: 517 Duval Street Name: & 518 Bahama 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 Control Depth: 0 Lot Size: 9068 Lot SqFt: 9068 Total Units: 7 Year Established: 1932-12-31 # Parking Spaces: 10+ Off Street Parking: yes # Stories: 2 Total # Buildings: 1 Building SqFt: 7854 Style: Commercial Living Apx SqFt: 7854 Year Built: 1933 Half Baths: 4 Total Baths: 4

Remarks & Misc

Remarks – Consumer: Prime Trophy Investment Property in the heart of Duval St. The Coach Retail Building on the 500 block of Duval St. is a once in a lifetime opportunity! Property has been in the same family ownership since the 1940's. Tapestry aka Coach is a very strong, long term NNN retail tenant. Coach is preparing for a major and expensive upgrade and renovation to their store this summer 2025, all at their expense. Coach retail store occupies the entire ground floor with 51' of Duval St. frontage and a total of approx. 3,937 sf. Coach has been a great tenant in the building since 1998 and have a long term, NNN lease that was recently extended through January 31, 2033 with additional 3 year Option to extend until 2036. Upstairs are 6 professional offices and is completely rented. 2nd floor is 3,937 sf. with 6 individual offices. Upstairs tenants are on gross leases & each has own electric meter. Also a storage room & individual Men & Woman's bathrooms. Combined all tenants provide consistent income with minimal owner management. Valuable large parking lot in rear is 518 Bahama St. Room for 10 + cars plus dumpster and loading area. Both lots total 9,068 sf. 2 story concrete Building is in excellent condition and well maintained. Extensive list of Building repairs and recent renovations available includ. new impact resistant doors and windows & awning replaced on entire first floor storefront, rebuilt rear stairwell, recoat roof, and stormwater disposal well in lot plus many others. Property sits in the 500 Block of Duval St. and sits on high ground in an X flood zone. Thousands of tourists and locals walk by & drive by daily. Neighboring business include Margaritaville, Banana Republic, Kilwin's Fudge, Jack Flats, Gap, CVS & Walgreens, San Carlos Institute and more. Perfect investment for a1031 Exchange and/ or long term investor. Directions: 500 Block of Duval St. between Southard and Fleming Streets

Deed Restrictions

No: 1

Association Info

Mandatory Home Owners Asc: No 1st Right of Refusal: No

License Info

Other/See Remarks: 1

Type

Office Buildings: 1 Professional Service: 1 Retail: 1

Fee Includes

Other: 1

Dockage

None: 1

Accounts & Meters

# Sewer Accounts: 1 # Water Meters: 1 # Electric Meters: 7

Appliances

No Appliances: 1

Cooling

Central Air: 1 Wall/Window Unit(s): 1

Waterfront

None: 1

Electric

220 Volt: 1

Waterview

No Waterview: 1

Floor

Other: 1

Interior Features

Entrance Foyer: 1

Windows/Doors

Impact Rstnce Window: 1 Other Windows/Doors: 1

Vehicle Storage

Assigned Parking: 1 Off Street Parking: 1

Construction

CBS: 1

Land Size

More than 1 Lot: 1

Utilities

FKAA: 1 Municipal Sewer: 1

Title

Negotiable: 1

Miscellaneous

High Traffc Location: 1 High Visibility: 1 Manager on Premises: 1 Storage: 1

Roof

Other Roof: 1

Auction Info

Auction: No

Financial Status

Bank Owned: No Potential Short Sale: No

Shutters

Accordion: 1

Tenant Paid

Cable: 1 Electric: 1 Garbage: 1 Insurance: 1 Taxes: 1

Status Change Info

Sold Date: 2025-09-30 Sold Price: $5,800,000 Status: Closed

Property Features

Deed Restrictions: No License Info: Other/See Remarks Type: Office Buildings; Professional Service; Retail Waterfront: None Waterview: No Waterview Dockage: None Vehicle Storage: Assigned Parking; Off Street Parking Cooling: Central Air; Wall/Window Unit(s) Utilities: FKAA; Municipal Sewer Interior Features: Entrance Foyer Appliances: No Appliances Miscellaneous: High Traffc Location; High Visibility; Manager on Premises; Storage Construction: CBS Electric: 220 Volt Shutters: Accordion Floor: Other Roof: Other Roof Land Size: More than 1 Lot Fee Includes: Other Title: Negotiable Tenant Paid: Cable; Electric; Garbage; Insurance; Taxes
Listing Office: RE/MAX Keys Connection (KW)
Last Updated: September - 30 - 2025
The data relating to real estate for sale on this web site comes in part from the Florida Keys MLS, Inc. Information provided is deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. The information being provided is for consumers’ personal, non-commeral use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IDX data is deemed reliable but is not guaranteed accurate by the MLS.