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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

Overview

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.

Listing Details MLS# 597872

Location, Tax & Legal

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
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

Contract Information

Listing Board
Key West Association
Limited Representation
No
As is Rght to Inspct
Yes
For Sale/Lease
For Sale
Potential Short Sale
No
Bank Owned
No
Species List
No

General Property Description

Realtor.COM Type
Commercial
Style
Commercial
Lot SqFt
4974
Waterfront
No
Off Street Parking
Yes
# Stories
2
Building SqFt
2368
SqFt Source
Appraisal
Living Apx SqFt
3161
Total Units
2
Year Built
1958
Total Bedrooms
2
Full Baths
2
Half Baths
3
Total Baths
5
Control Depth
0

Status Change Info

Sold Date
2021-12-16

Association Info

Mandatory Home Owners Asc
No
1st Right of Refusal
No

Vehicle Storage

Car(s)
Yes
Off Street Parking
Yes

More Information

Appliances

Other
Commercia Equipment

Financial Status

Bank Owned
No
Potential Short Sale
No

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
Yes

Type

Bar
Yes
Office Buildings
Yes
Other Comrcl Style
Yes
Restaurant
Yes
Other Services
Yes

Fee Includes

None
Yes

Dockage

None
Yes

Cooling

Ceiling Fans(s)
Yes
Central Air
Yes

Waterfront

None
Yes

Waterview

No Waterview
Yes

Floor

Combo
Yes
Concrete
Yes
Laminate
Yes
Other
Yes

Interior Features

Other
Yes

Windows/Doors

French Doors
Yes
Other Windows/Doors
Yes
Single Hung Windows
Yes

Construction

CBS
Yes
Combo Construction
Yes

Land Size

Less Than 1/4 Acre
Yes

Terms

Buyer Obtain Finance
Yes

Utilities

Buyer to Verify
Yes
FKAA
Yes
Municipal Sewer
Yes
Propane
Yes
Separate Meters
Yes

Property Rights

Multi-Use/Commercial
Yes

Miscellaneous

Fencing
Yes
Handicap Access
Yes
Patio
Yes

Roof

Combo Roof
Yes
Gutters
Yes
Metal Roof
Yes
Other Roof
Yes

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

Documents

Listing Office: Coastal Collection Real Estate Inc.
Last Updated: April - 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.
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