700 W Ocean Drive, Key Colony, FL 33051
$3,000,000
Property Type:
Commercial Sale
Bedrooms:
1
Baths:
4
Square Footage:
11,226
Lot Size (sq. ft.):
55,250
Status:
Closed
Current Price:
$3,000,000
List Date:
2/07/2025
Last Modified:
10/31/2025
Listing Details MLS# 613586
Location, Tax & Legal
- Street #
- 700
- Direction
- W
- Street Name
- Ocean
- Street Suffix
- Drive
- Key/Island
- Key Colony
- State/Province
- FL
- Zip Code
- 33051
- Subdivision
- Key Colony Bch 1st Addn Amd Plat (53.5)
- County
- Monroe
- Area
- 17 - Vaca Cut - Both Sides Holiday Inn/Key Colony
- City
- KEY COLONY
- Off Shore Island
- No
- Mile Marker
- 53.5
- Marathon Neighborhood
- Marathon East - Gulf (Airport to Vaca)
- Side
- Ocean
- Flood Zone
- AE,AE
- Alternate Key #
- 1080209
- Parcel #
- 00074740-000000
- Zoning
- B - 1 - Key Colony Business Res
- Legal
- KEY COLONY BEACH FIRST ADDN AMD PLAT PB4-11 SHELTER KEY PT TRACT C BLK 8 (B & C ) OR417-1005/1006 OR499-771Q/C OR607-852
- Taxes
- 19081.56
- Tax Year
- 2024
Contract Information
- Listing Board
- Key West Association
- Limited Representation
- No
- As is Rght to Inspct
- No
- 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
- 55250
- Waterfront
- No
- Business Name
- Not included
- Year Established
- 1989-12-31
- # Parking Spaces
- ample
- Off Street Parking
- yes
- # Stories
- 2
- Total # Buildings
- 2
- Building SqFt
- 11226
- SqFt Source
- Tax Records
- Living Apx SqFt
- 11226
- Year Built
- 1990
- Total Bedrooms
- Yes
- Full Baths
- Yes
- Half Baths
- 3
- Total Baths
- 4
- Control Depth
- 0
- Total Units
- 0
Status Change Info
- Under Contract Date
- 2025-10-22
- Sold Date
- 2025-10-31
- Sold Comments
- Price included Vacant Lot
License Info
- # of City License
- 2
- SRX (Non-Transferab)
- Yes
Association Info
- Mandatory Home Owners Asc
- No
- 1st Right of Refusal
- No
More Information
Misc Property Info
- Recorded Plat
- Yes
Property Info
- # Kitchens
- 2
Auction Info
- Auction
- No
Financial Status
- Bank Owned
- No
- Potential Short Sale
- No
Remarks & Misc
- Remarks – Consumer
- Prime trophy property on Key Colony Beach For Sale! Now Vacant and available immediately! This landmark & well known Restaurant and Bar has been owned, and in the past operated, by the same owner since 1990. Large 1.27 Acre lot in the heart of Key Colony Beach is very visible and has ample parking for customers and employees with 312' of frontage on W. Ocean Dr. There are two free-standing buildings on site. The main building houses the Restaurant, Bar and Banquet Hall & totals 8,436 sf. of finished sq. ft. Second building totals 2,790 sf. and has another kitchen and work areas that are somewhat unused. This is a whopping total of 11,226 sf. of finished sq. ft. for both buildings which is extremely hard to find anywhere in the Keys. Existing State Food Service License for 150- 249 Seats, KCB Cafe/Restaurant License for 150 Seats and a full liquor 5-COP-SRX liquor license that is non transferrable. Also, there is a 2b/1 ba apartment on the 2nd floor. There is an opportunity to fully utilize the building by adding Catering and more Special Events, Weddings, Parties, Meetings, etc. Zoning on Key Colony Beach is B-1, Neighborhood Business District which does allow for many Commercial uses. F, F & E not included at this time. See List Broker for details. In addition to this parcel, there is an adjoining 28,205 sf. Vacant Land parcel that may or may not be included. Roughly 147' x 191' rectangle shape. Zoning in this parcel is R-3, Multi -Unit Residential and may allow for up to 5 units to be built. Note KCB is ROGO Exempt. MLS# 613589 Price for this vacant lot with the Key Colony Inn property is $4,000,000. The vacant lot cannot be sold separately, but the Key Colony Inn property may be sold separately. Seller may consider Owner Financing to a Qualified & Creditworthy Buyer at Owners sole discretion.
- Directions
- Overseas Hwy to Marathon. MM 51.5 to the light at Sadowski Causeway. Watch your speed, limit is 25 mph! Turn on W. Ocean Dr.
Type
- Bar
- Yes
- Restaurant
- Yes
Fee Includes
- None
- Yes
Dockage
- None
- Yes
Appliances
- No Appliances
- Yes
Cooling
- Central Air
- Yes
Waterfront
- None
- Yes
Electric
- Three Phase
- Yes
Waterview
- No Waterview
- Yes
Floor
- Other
- Yes
Windows/Doors
- Other Windows/Doors
- Yes
Vehicle Storage
- Guest Parking
- Yes
- Off Street Parking
- Yes
Construction
- CBS
- Yes
- Other
- Yes
Land Size
- 1 Less Than 2 Acres
- Yes
Terms
- Seller Finance Psble
- Yes
Utilities
- FKAA
- Yes
- Municipal Sewer
- Yes
Title
- Negotiable
- Yes
Miscellaneous
- High Traffc Location
- Yes
- High Visibility
- Yes
Roof
- Other Roof
- Yes
Shutters
- Other
- Yes
Tenant Paid
- Cable
- Yes
- Electric
- Yes
- Garbage
- Yes
- Gas
- Yes
- Insurance
- Yes
- Taxes
- Yes
- Water
- Yes
Property Features
License Info:
SRX (Non-Transferab)
Type:
Bar; Restaurant
Waterfront:
None
Waterview:
No Waterview
Dockage:
None
Vehicle Storage:
Guest Parking; Off Street Parking
Cooling:
Central Air
Utilities:
FKAA; Municipal Sewer
Appliances:
No Appliances
Miscellaneous:
High Traffc Location; High Visibility
Construction:
CBS; Other
Electric:
Three Phase
Shutters:
Other
Floor:
Other
Roof:
Other Roof
Land Size:
1 Less Than 2 Acres
Fee Includes:
None
Terms:
Seller Finance Psble
Title:
Negotiable
Tenant Paid:
Cable; Electric; Garbage; Gas; Insurance; Taxes; Water
Listing Office:
RE/MAX Keys Connection (KW)
Last Updated: October - 31 - 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.