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
Current Price: $6,800,000
Listing Date: 2022-01-04
Listing Board: Key West Association
Sold Price: $6,800,000
Limited Representation: No
As is Rght to Inspct: Yes
For Sale/Lease: For Sale
Potential Short Sale: No
Bank Owned: No
Species List: No
Location Tax Legal
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
Style: Commercial
Lot Size: 36' x 100'
Lot SqFt: 3534
Waterfront: No
Business Name: Smallest Bar Inn
Year Established: 1989-12-31
# Stories: 2
Total # Buildings: 2
Building SqFt: 3489
SqFt Source: Tax Records
Living Apx SqFt: 3489
Year Built: 1933
Status Change Info
Sold Date: 2022-06-23
Sold Price: $6,800,000
Sold Comments: all cash transaction, no bank financing.
Status: Closed
License Info
# of Transient Licns: 5
Association Info
Mandatory Home Owners Asc: No
Voluntary Home Owners Asc: No
1st Right of Refusal: No
Assoc Approval Req: No
Appliances
Other: under counter refrig
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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