1421 First Street, Key West, FL 33040

$1,250,000

Property Type: Commercial Sale Baths: 1 Lot Size (sq. ft.): 2,405 Status: Active

Current Price: $1,250,000 List Date: 6/17/2026 Last Modified: 6/17/2026

Overview

Description

Rare opportunity to own two adjoining commercial condominium units on First Street, offered together as a single income-producing package in a central Key West location. Unit 3 consists of 233 SF and is fully leased, providing immediate income and strong in-place cash flow. The space is enhanced by a custom patio and tiki area. Unit 2 offers 1,160 SF of office space with five private offices and a restroom, making it ideal for an owner-user, professional office, or an investor seeking additional rental income. Whether you're looking for an investment, owner-user opportunity, or both, this versatile property offers flexibility and income in one of Key West's most accessible commercial corridors.

Listing Details MLS# 620301

Location, Tax & Legal

Street #: 1421
Street Name: First
Street Suffix: Street
Key/Island: Key West
State/Province: FL
Zip Code: 33040
Subdivision: New Town - Unlisted (2.0)
County: Monroe
Area: 03 - Key West
KW Neighborhood: New Town
City: KEY WEST
Mile Marker: 2
Marathon Neighborhood: N/A
Side: N/A
Alternate Key #: 9105521
Parcel #: 00045101-000102
Zoning: CL - Limited Commercial
Taxes: 9899.52
Tax Year: 2025

Contract Information

Listing Board: Key West Association
Limited Representation: No
Potential Short Sale: No
Bank Owned: No

General Property Description

Realtor.COM Type: Commercial
Style: Commercial
Lot SqFt: 2405
Waterfront: No
Building SqFt: 1393
SqFt Source: Property Data Card
Year Built: 1948
Half Baths: Yes
Total Baths: Yes
Control Depth: 0

Association Info

Mandatory Home Owners Asc: Yes
1st Right of Refusal: No

Financial Status

Bank Owned: No
Potential Short Sale: No

More Information

Remarks & Misc

Remarks – Consumer: Rare opportunity to own two adjoining commercial condominium units on First Street, offered together as a single income-producing package in a central Key West location. Unit 3 consists of 233 SF and is fully leased, providing immediate income and strong in-place cash flow. The space is enhanced by a custom patio and tiki area. Unit 2 offers 1,160 SF of office space with five private offices and a restroom, making it ideal for an owner-user, professional office, or an investor seeking additional rental income. Whether you're looking for an investment, owner-user opportunity, or both, this versatile property offers flexibility and income in one of Key West's most accessible commercial corridors.

Type

Office Buildings: Yes
Retail: Yes
Other Services: Yes

Fee Includes

Other: Yes

Dockage

None: Yes

Waterfront

None: Yes

Waterview

No Waterview: Yes

Construction

CBS: Yes

Land Size

Less Than 1/4 Acre: Yes

Utilities

FKAA: Yes

Property Features

Type: Office Buildings; Retail; Other Services Waterfront: None Waterview: No Waterview Dockage: None Utilities: FKAA Construction: CBS Land Size: Less Than 1/4 Acre Fee Includes: Other

Listing Office: Berkshire Hathaway HomeServices Knight & Gardner Realty

Last Updated: June - 17 - 2026

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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