532 Margaret Street, Key West, FL 33040

$1,550,000
Property Type: Commercial Bedrooms: 2 Baths: 5 Square Footage: 3,161 Lot Size (sq. ft.): 4,974 Status: Closed
Current Price: $1,550,000 List Date: 9/26/2021 Last Modified: 4/30/2025

Description

MIXED USE owner occupied or investment opportunity offering turn key restaurant with 2nd floor 2-bedroom, 2-bathroom apartment located in the heart of Old Town, Key West. The possibilities are endless with over 3000sqf of indoor & outdoor dining that provide the opportunity to host a casual or formal dining experience at an established and local favorite neighborhood location with heavy foot traffic from hungry residents, snowbirds and tourists. A Large dreamy Chef's kitchen includes multiple cooking zones, large walk-in cooler, ample storage and separate entrance with off street parking for receiving deliveries and keeping waste out of site. The restaurant is licensed for 97 seats and includes all equipment, fixtures and furnishings. Recent renovations include updates to kitchen, dining rooms, garden patios and a new roof. Current Fire Marshal approved Occupancy load meets DPBR requirements for a 5-COP Liquor License. Buyer to verify and re-apply.

More Information MLS# 597872

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: $1,550,000 Listing Date: 2021-09-26 Sold Price: $1,550,000

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 #: 1008371 Parcel #: 00008110-000000 Zoning: HNC(1-3) - Hist Nghborhd Comml 1 - 3 Coastal Med Legal: KW PT LOT 1 SQR 47 OR520-1006 OR823-2116/17 OR842-147 OR1250-1952/55 OR1418-793/94 OR1481-1072/73 OR2780-961/63 OR2906-6 Taxes: 8857.77 Tax Year: 2020 Street #: 532 Street Name: Margaret 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: 5000 Lot SqFt: 4974 Total Units: 2 Off Street Parking: 1 # Stories: 2 SqFt Source: Appraisal Building SqFt: 2368 Style: Commercial Living Apx SqFt: 3161 Year Built: 1958 Total Bedrooms: 2 Full Baths: 2 Half Baths: 3 Total Baths: 5

Remarks & Misc

Remarks – Consumer: MIXED USE owner occupied or investment opportunity offering turn key restaurant with 2nd floor 2-bedroom, 2-bathroom apartment located in the heart of Old Town, Key West. The possibilities are endless with over 3000sqf of indoor & outdoor dining that provide the opportunity to host a casual or formal dining experience at an established and local favorite neighborhood location with heavy foot traffic from hungry residents, snowbirds and tourists. A Large dreamy Chef's kitchen includes multiple cooking zones, large walk-in cooler, ample storage and separate entrance with off street parking for receiving deliveries and keeping waste out of site. The restaurant is licensed for 97 seats and includes all equipment, fixtures and furnishings. Recent renovations include updates to kitchen, dining rooms, garden patios and a new roof. Current Fire Marshal approved Occupancy load meets DPBR requirements for a 5-COP Liquor License. Buyer to verify and re-apply.

Deed Restrictions

Unknown: 1

Association Info

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

Type

Bar: 1 Office Buildings: 1 Other Comrcl Style: 1 Restaurant: 1 Other Services: 1

Fee Includes

None: 1

Dockage

None: 1

Appliances

Other: Commercia Equipment

Cooling

Ceiling Fans(s): 1 Central Air: 1

Waterfront

None: 1

Waterview

No Waterview: 1

Floor

Combo: 1 Concrete: 1 Laminate: 1 Other: 1

Interior Features

Other: 1

Windows/Doors

French Doors: 1 Other Windows/Doors: 1 Single Hung Windows: 1

Vehicle Storage

Car(s): 1 Off Street Parking: 1

Construction

CBS: 1 Combo Construction: 1

Land Size

Less Than 1/4 Acre: 1

Terms

Buyer Obtain Finance: 1

Utilities

Buyer to Verify: 1 FKAA: 1 Municipal Sewer: 1 Propane: 1 Separate Meters: 1

Property Rights

Multi-Use/Commercial: 1

Miscellaneous

Fencing: 1 Handicap Access: 1 Patio: 1

Roof

Combo Roof: 1 Gutters: 1 Metal Roof: 1 Other Roof: 1

Financial Status

Bank Owned: No Potential Short Sale: No

Status Change Info

Sold Date: 2021-12-16 Sold Price: $1,550,000 Status: Closed

Property Features

Deed Restrictions: Unknown Type: Bar; Office Buildings; Other Comrcl Style; Restaurant; Other Services Waterfront: None Waterview: No Waterview Dockage: None Vehicle Storage: Off Street Parking Cooling: Ceiling Fans(s); Central Air Utilities: Buyer to Verify; FKAA; Municipal Sewer; Propane; Separate Meters Interior Features: Other Miscellaneous: Fencing; Handicap Access; Patio Construction: CBS; Combo Construction Floor: Combo; Concrete; Laminate; Other Roof: Combo Roof; Gutters; Metal Roof; Other Roof Land Size: Less Than 1/4 Acre Fee Includes: None Terms: Buyer Obtain Finance Property Rights: Multi-Use/Commercial
Listing Office: Coastal Collection Real Estate Inc.
Last Updated: April - 30 - 2025
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