225 Petronia Street, Key West - Investment Property

Just listed - 225 Petronia Street. This commercial/residential  property is located two blocks west of Duval Street at the corner of Thomas Street in Key West. The listing Realtor describes the property this way:

"Fantastic potential for this large property in Bahama Village. One of the premier commercial locations in the area. Across from Blue Heaven, La Creperie and Johnson's Grocery; just hard to find a better location on what is proposed to be the entrance street to the waterfront at Truman annex."

I looked in my old shoebox and found a photo of this same building that was taken back in 1965. The black and white photo shows an adjacent building located to the right. That building which appears to be a single family residence no longer exists. The empty space is now used as parking for the building at 225 Petronia Street. I checked the Monroe County Property Appraiser's files and learned that the CBS (concrete block structure) was built in 1953 and has 2156 sq ft. of mixed-use space. In One Era Antiques is the current tenant in the commercial space. The balance of the building is residential. The 5292 sq ft lot has 98 feet frontage on Petronia Street and 54 feet frontage on Thomas Street. There is gated and fenced parking on the Thomas Street side.

I found a second photo also taken in the 1960s that shows Bop Brown's Jazzy Spot which was previously numbered as 225 Petronia Street. That building was razed and expanded or incorporated into the current CBS building.  

Frequent readers may recall that I wrote about nearby 221 Petronia Street (above photo) when it was offered for sale in mid January. That fire ridden building just sold for $460,000 cash. I think it equally possible that the 221 Petronia Street property might be razed and rebuilt or that it might be renovated into commercial usage. The Firefly Restaurant is located between 221 and 225 Petronia Street. CLICK  HERE to view more photos of the area.

The listing agent believes the current CBS building  at 225 Petronia Street can be razed and a new mixed use building could be built in its place similar to what was constructed across the street at 300 Petronia where La Creperie is now located. I found two photos of the previous smaller commercial building at 300 Petronia which was razed to make way for the current 2 1/2 story building. The new building has commercial space down and two apartments on the second level plus two off street parking spots. The 300 Petronia Street lot is 4,433sq ft or 861 sq ft small than the parcel at 225 Petronia St.

CLICK HERE to view the Key West mls datasheet on 225 Petronia Street. Then please call me, Gary Thomas, 305-766-2642 to schedule a showing of this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.