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Wednesday, June 1, 2011

Commercial Building - Waterfront View - Bank Owned - Key West

Are you that commercial buyer that has the concept for a commercial space with a water view in Key West? If so, the new listing for the commercial property at 1970 North Roosevelt Boulevard in Key West may be the property you have been looking for. The listing agent describes this Bank Owned property this way:
"Bank Owned property on the Boulevard in Key West FL! Faces the Gulf of Mexico across the street from Garrison Bight. Currently licensed for 70 seats (may qualify for up to 150 seats). Most recent use was Bait and tackle store in one space and 70 seat restaurant upstairs overlooking the Gulf. Inside and outside seating. There is covered storage at ground level of approximately 1,500 SF. Two buildings attached totaling 3,839 SF on a 15,472 SF lot. Endless possiblities on this highly visible building on N. Roosevelt Blvd. Large, lighted sign could be restored (pole is there with power to it)."

This property has parking on site as well as free municipal parking nearby. It has been totally refurbished with new metal roof, electrical, and plumbing with 3 new bathrooms. It is zoned for all commercial uses at the busiest intersection in Key West directly on Roosevelt Blvd. The site enjoys awesome water views of the Key West City Marina. The snazzy Key West Yacht Club is located across the street to the east.

Key West Yacht Club is located across the street to the east

Key West City Marina

Several years ago this property was a very successful locals bar and restaurant. I was told the lower level was also a drive-thru liquor store. That owner sold the property and went on to other ventures.

The most recent venture as a bait & tackle shop and restaurant was not the best "concept" I have heard of. A new owner may want to change the usage from restaurant to something quite different. The asking price of $995,000 or $259 per sq ft makes this property worthy of consideration as a potential renovation and conversion to a different use. I am not sure the existing "ramps" work for a restaurant or any other venture. If the property were converted to offices or mixed use, an internal elevator could be installed and that would permit ADA compliance and also clean up the cluttered exterior appearance.

There is additional parking in the rear where there is also a storage area with garage door.

If you are looking for a commercially zoned property in Key West with off street parking and a water view, this Bank Owned property may be the answer to your search. Please contact me, Gary Thomas, 305-766-2642 to obtain more information. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.


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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.