532 Margaret Street, Key West, FL 33040

$2,160,000

Property Type: Commercial Sale Bedrooms: 1 Baths: 3 Square Footage: 2,490 Lot Size (sq. ft.): 4,974 Status: Closed

Current Price: $2,160,000 List Date: 5/13/2025 Last Modified: 10/19/2026

Overview

Description

Completely remodeled from top to bottom, this turnkey restaurant in the heart of Old Town Key West offers a rare opportunity to own a fully updated and licensed 150-seat dining destination. Every inch of the property has been thoughtfully renovated, including brand-new electrical, plumbing, HVAC, flooring, lighting, and fixtures, creating a fresh, modern space that still captures the charm and character of historic Key West. The layout features expansive indoor-outdoor dining areas, a stylish full-service bar, and newly designed restrooms, all tailored for comfort, ambiance, and efficient flow. The commercial-grade kitchen is fully equipped with state-of-the-art appliances, ample prep space, and storage, making it ideal for high-volume service across a wide range of culinary concepts. Adding to its versatility, the property also includes a beautifully updated 1-bedroom, 1-bathroom apartment upstairs—perfect for on-site living, staff housing, or additional rental income.

Listing Details MLS# 615015

Location, Tax & Legal

Street #: 532
Street Name: Margaret
Street Suffix: Street
Key/Island: Key West
State/Province: FL
Zip Code: 33040
Subdivision: Old Town - Unlisted (1.0)
County: Monroe
Area: 02 - Key West
KW Neighborhood: Old Town-N of Truman
City: KEY WEST
Off Shore Island: No
Mile Marker: 1
Marathon Neighborhood: N/A
Side: Median
Flood Zone: AE
Alternate Key #: 1008371
Parcel #: 00008110-000000
Zoning: HNC(1-3) - Hist Nghborhd Comml 1 - 3 Coastal Med
Legal: KW PT LOT 1 SQR 47 OR520-1006 OR823-2116 OR842-147 OR1250-1952 OR1418-793 OR1481-1072 OR2780-961 OR2906-697 OR2911-534 O
Taxes: 12930.38
Tax Year: 2024

Contract Information

Listing Board: Key West Association
Limited Representation: No
As is Rght to Inspct: Yes
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: 4974
Waterfront: No
# Parking Spaces: Yes
# Stories: 2
Building SqFt: 2490
SqFt Source: Survey
Living Apx SqFt: 2490
Year Built: 1958
Total Bedrooms: Yes
Full Baths: Yes
Half Baths: 2
Total Baths: 3
Control Depth: 0
Total Units: 0

Status Change Info

Under Contract Date: 2026-10-01
Sold Date: 2026-10-19

Association Info

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

Appliances

Other: Commercial Kitchen

More Information

Financial Status

Bank Owned: No
Potential Short Sale: No

Remarks & Misc

Remarks – Consumer: Completely remodeled from top to bottom, this turnkey restaurant in the heart of Old Town Key West offers a rare opportunity to own a fully updated and licensed 150-seat dining destination. Every inch of the property has been thoughtfully renovated, including brand-new electrical, plumbing, HVAC, flooring, lighting, and fixtures, creating a fresh, modern space that still captures the charm and character of historic Key West. The layout features expansive indoor-outdoor dining areas, a stylish full-service bar, and newly designed restrooms, all tailored for comfort, ambiance, and efficient flow. The commercial-grade kitchen is fully equipped with state-of-the-art appliances, ample prep space, and storage, making it ideal for high-volume service across a wide range of culinary concepts. Adding to its versatility, the property also includes a beautifully updated 1-bedroom, 1-bathroom apartment upstairs—perfect for on-site living, staff housing, or additional rental income.

Type

Restaurant: Yes

Fee Includes

None: Yes

Dockage

None: Yes

Waterfront

None: Yes

Waterview

No Waterview: Yes

Construction

CBS: Yes
Combo Construction: Yes

Land Size

Less Than 1/4 Acre: Yes

Utilities

FKAA: Yes
Municipal Sewer: Yes

Property Features

Type: Restaurant Waterfront: None Waterview: No Waterview Dockage: None Utilities: FKAA; Municipal Sewer Construction: CBS; Combo Construction Land Size: Less Than 1/4 Acre Fee Includes: None

Listing Office: Berkshire Hathaway HomeServices Knight & Gardner Realty

Last Updated: October - 19 - 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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