124 Duval Street, Key West, FL 33040 (MLS# 599036)

124 Duval Street, Key West, FL 33040

$6,800,000

Situated directly on Duval Street - entrance to the bar, 2nd floor guesthouse unit, Ben & Jerry's ice cream shop and entrance to rear patio restaurant.

Clever motto for the Bar which will make an ideal, popular tee shirt and on other memorabilia.

Walkway entrance from Duval Street to the 40 seat cafe & 5 guesthouse rooms of the Smallest Bar Inn.

Entrance to rear, two story building housing 4 of the 5 total guesthouse rooms. The 5th unit located above the front building accessed off Duval Street.

Rear two story building with four units. 2 up and 2 down.

2nd floor open air, covered patio available to the Inn guests.

Canopy covered open air patio. Ideal for private meetings, Happy Hour gatherings for the guests easily catered by the restaurant below.

Staircase to 2nd floor, large 2 bedroom, 2 bathroom unit - accessed from Duval Street.

Standard single room with half kitchen. Ample kitchen cabinets, counter space, sink & under counter refrigerator,

Current tenant - 40 seat Paradise Restaurant & Bar. Open air patio food service with small interior service bar. Located down the walkway from Duval Street.

Interior restaurant service bar with a few bar stools. Restaurant holds a beer & wine license.

Open air seating in the restaurant located down the walkway at the rear of the property.

Current tenant - Popular Ben & Jerry's walk-in ice cream shop right on Duval Street.

Historic, late 1800's structure. Formerly the Old Custom's House for Key West. One of the few buildings with 8 gabled windows.

Example of the large tin shingled roofs protected by Key West's Historic Architectural Review Commission.

Two of the historically significant (8) gabled windows along the 4 sides of the roof.

Rear 4 unit building with a view of the back side of the Duval Street building housing the restaurant, bar, ice cream store and the 2nd floor, 5th largest guesthouse unit.

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

Overview

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 a ... (Read more)

Listing Details MLS# 599036

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
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 #: 1000566
Parcel #: 00000570-000000
Zoning: HRCC(1 - 4) - Hist Res Comm Core 1-4 SF Specl
Legal: KW PT LOT 2 SQR 8 G13-252 OR546-980 OR871-1405/06 OR871-1407/08 OR871-1409 OR1190-2420/21 OR2584-392/94 OR2587-2046/47C
Taxes: 19213.8
Tax Year: 2021

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: 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
Control Depth: 0
Total Units: 0
# Parking Spaces: No
Off Street Parking: No

Status Change Info

Sold Date: 2022-06-23
Sold Comments: all cash transaction, no bank financing.

License Info

# of Transient Licns: 5
SRX (Non-Transferab): Yes
Other/See Remarks: Yes

Association Info

Mandatory Home Owners Asc: No
Voluntary Home Owners Asc: No
1st Right of Refusal: No
Assoc Approval Req: No

More Information

Appliances

Other: under counter refrig

Financial Status

Bank Owned: No
Potential Short Sale: No

Remarks & Misc

Remarks – Consumer: 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.

Deed Restrictions

No: Yes

Type

Apartment 3 or more: Yes
Hotel/Motel: Yes
Restaurant: Yes

Fee Includes

None: Yes

Dockage

None: Yes

Accounts & Meters

# Water Meters: 2
# Electric Meters: 8

Property Info

License Included: Yes

Cooling

Ceiling Fans(s): Yes
Heat Pump: Yes

Waterfront

None: Yes

Waterview

No Waterview: Yes

Interior Features

Furnished: Yes
Smoke Alarms: Yes
Wet Bar: Yes

Construction

Frame: Yes

Land Size

None: Yes

Terms

No Seller Finance: Yes

Utilities

FKAA: Yes
Municipal Sewer: Yes
Separate Meters: Yes

Title

Negotiable: Yes

Property Rights

Beverage License: Yes
Multi-Use/Commercial: Yes
Transient License: Yes

Roof

Metal Roof: Yes
Shingle Roof: Yes

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

Documents

Licenses, survey, site & floor plan, etc ›

124 Duval - Brief Property Description ›

Listing Office: Berkshire Hathaway HomeServices Knight & Gardner Realty

Last Updated: September - 09 - 2024

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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