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323 - 325 Petronia Street, Key West, FL

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323 - 325 Petronia Street

Key West, FL 33040

(231.3 KB)

Property Type:Retail Sub Type:Storefront Retail/Residential Status:Existing Year Built:1978
Building Size:2,889 SF Land Area:.22 AC (9,583 SF)
For Sale Price:$1,795,000 Price/SF:$621.32
Cap Rate:6.40 %

· 5 one bedroom apartments and one commercial unit on Petronia St.
· Three buildings totaling 2,889 SF
· Two lots with 104 ft. of frontage on Petronia St.
· Same owner for over 50 years
· Possible receiver location for transient liceneses

Petronia Street is the main boulevard of Bahama Village in Old Town Key West.
There are numerous restaurants, shops and offices on this 4 block commercial
strip beginning at Duval Street.

The Goombay Festival lines this street every October as the kickoff event for
Fantasy Fest.

This multi-unit property is being offered for sale the first time in over 50 years. It is
quite an opportunity for the investor or the owner-user.

High and dry in the X Flood Zone, there are five 1 bedroom/ 1 bathroom apartments and one commercial unit in three buildings. There are also 7 offstreet parking spaces which can be used or rented out to other businesses nearby.

Sale Notes:
A rare opportunity in Old Town in the vibrant Petronia St corridor in the Bahama Village neighborhood. Three buildings: Bldg #1 recently upgraded building with retail fronting on Petronia St along with 7 parking spaces, a 1-bedroom vacation rental upstairs Bldgs #2&3 Identical single story buildings in the rear each containing 2 1-bedroom long-term rentals. Given the location and the 9476 sf lot with parking, these parcels are ripe for redevelopment (with City Planning Board approval). There is space for more commercial on Petronia St and the razing of bldgs #2&3 for 4 units, total of 5 vacation rental complex amidst tropical gardens and pool. Or, simply renovate bldgs #2&3 for long-term or vacation rentals to increase income stream potential. Listed at a 6.4% cap rate, and in the City's Transient Receiving Zone

323-325 Petronia St is in the heart of Bahama Village. Petronia Street from Duval to Emma Streets is the commercial corridor for Bahama Village where there are restaurants, art galleries, boutiques right alongside a vibrant residential neighborhood. In typical Key West fashion it is low rise mostly one and two story charming buildings and houses. The subject property is 1 ½ blocks off Duval Street literally the center of this vibrant area. Petronia St ends at Fort St (one block past Emma) where the city is in the process of creating a beautiful waterfront park. Bahama Village is the neighborhood where a large group of native Bahamians moved several generations ago. The popularity of Petronia St really took off with the establishment of Blue Heaven restaurant some 25 years ago (1/2 block from the subject property). It has since expanded in either direction toward Duval St and Emma St with the aforementioned commercial-type establishments.

Truman & Co.
Keith Bland
(305) 292-2244

Kent Ducote
(305) 292-2244

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