Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Historic Key West Boutique Inn Title is generated by Realmo AI

    1117 Duval Street, Key West, FL 33040

    View on Map
    Claim this Listing
    New
    For Sale
    $9,950,000

    COMMERCIAL - Key West, FL

    Lot size:
    0.08 Acres
    Added:
    May 26, 2026
    Days on Market:
    4
    Last Refresh:
    May 29 at 2:06 pm

    Property Features for 1117 Duval Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    HRCC(1 - 4) - Hist Res Co
    Bedrooms
    7
    Bathrooms
    8
    Rooms
    Bathroom 6, Bathroom 8, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 3, Bedroom 6, Bedroom 4, Bathroom 4, Bathroom 5, Bedroom 2, Bathroom 7, Bathroom 2, Bedroom 5, Bedroom 7
    Appliances
    Washer, Dryer
    Standard status
    Active
    APN
    00027850-000000
    Lot size
    0.08 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    KW SUB 18 & PT SUB 16 PT LOT 4 SQR 5 TR 11 D2-517 OR616-532 OR881-1528 OR939-1698 OR1260-01 OR1713-2049 OR3072-2216 OR31
    Tax Annual Amount
    48452

    Utilities

    Cooling system
    Wall/Window Unit(s), Window Unit(s)

    Building Details

    Year built
    1943
    Floors in Building
    2
    Number of units
    7
    Flooring type
    Tile
    Building materials
    Frame
    Roof type
    Metal

    We can help!

    Listing Contact
    The Spottswood Team

    Listing agent The Spottswood Team

    Listing office Truman & Co. (KW) 1205 Truman Avenue, Key West, FL

    Listing date May 26, 2026

    MLS# 620044

    Copyright © 2026 Key West Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime Duval Street location in Old Town Key West, steps from attractions and benefiting from high tourism demand.
    • 7 licensed transient accommodations in a supply‑constrained lodging market.
    • Historic property with a unique Prohibition‑era legacy as a rum‑running hub, featuring a basement and distinctive architectural details.
    • Extensive recent renovations including new bathrooms, furnishings, paint, mini‑split A/C, and a new roof.
    • Turnkey boutique inn operation, blending historic character with modern amenities.
    • Leaseback opportunity with current ownership continuing to operate the Rum Bar.

    Overview

    This historic Key West boutique inn, a hospitality property, is located on Duval Street in Old Town. The property, known as the Speakeasy Inn, features 7 licensed transient accommodations and a history tied to Key West's past. Originally owned by rum-runner Raul Vasquez during the Prohibition Era, the property was used for importing spirits from Cuba. The residence is one of a few in Key West with a basement, historically used to conceal smuggled rum during the 1920s and 1930s. Architectural details include Cuban-imported porch balustrades depicting liquor bottles and playing-card symbols. The property has undergone renovations, with guest accommodations updated with new bathrooms, furnishings, interior and exterior paint, mini-split air conditioning systems, and a new roof and gutter system completed within the past 3 years. The property is a turnkey boutique lodging property that blends historic Key West character with contemporary guest expectations. Located near the Southernmost Point, beaches, galleries, restaurants, and nightlife, the property benefits from year-round tourism and transient licensing in a supply-constrained lodging market. The lot size is 0.08 acres. The zoning is HRCC(1 - 4) - Hist Res Co. Current ownership intends to lease back and continue operating the Rum Bar located on the ground floor.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Rum Bar Bar & Pub Speakeasy Inn & Rum ... Hotel & Motel

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Pharmacy Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Galleria Guesthouse — 1016 Howe St, Key West, FL 33040
    • Sapodilla House — 1012 Thomas St, Key West, FL 33040
    • Coral City Elks Lodge — 1107 Whitehead St, Key West, FL 33040
    • La Dolce Vita — 422 Amelia St, Key West, FL 33040
    • La Te Da — 1125 Duval St, Key West, FL 33040

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.798
    Latitude
    24.549722

    Nearby Similar for Sale

    • $749,000
      1,491 SF

      New Mixed-Use Development in Key West

      Commercial space in new mixed-use development, completion end of 2026.
      3201 Flagler Avenue, Key West, FL 33040
      View Details
    • $2,699,000
      2,396 SF

      Prime Corner Commercial Property, Key West

      Corner property with high visibility, multiple commercial uses allowed.
      1000 Truman Avenue, Key West, FL 33040
      View Details
    • $495,000
      4,302 SF

      Established Fitness Center in Key West

      Turn-key fitness center in the heart of Old Town Key West.
      725 Caroline Street, Key West, FL 33040
      View Details
    • $1,700,000
      3,000 SF

      Value-Add Fourplex Investment Opportunity

      Fourplex with income potential after renovations in Key West, FL.
      1224 2nd Street, Key West, FL 33040
      View Details
    • $1,250,000
      2,664 SF

      Legal Duplex on Spacious Lot

      Legal duplex with rental income potential on a 10,000 SqFt lot.
      1409 4Th Street, Key West, FL 33040
      View Details
    • $1,875,000
      2,423 SF

      Key West Duplex with Pool

      Spacious duplex with pool, ideal for various living arrangements.
      1516 17th Terrace, Key West, FL 33040
      View Details
    • $2,699,999
      3,568 SF

      Waterfront Duplex with Bonus Suite

      Upgraded multifamily duplex with bonus suite, waterfront access, boat lift.
      6 Egret Lane, Geiger Key, FL 33040
      View Details
    • $1,500,000
      1,436 SF

      Key West Commercial Opportunity

      Standalone commercial building in Old Town Key West with parking.
      604 Whitehead Street, Key West, FL 33040
      View Details
    • $825,000
      1,464 SF

      Key West Duplex Redevelopment Opportunity

      Legal duplex in prime location with redevelopment potential and owner financing.
      3711 Eagle Avenue, Key West, FL 33040
      View Details
    • $1,899,000

      Key West Commercial Condos

      Prime investment opportunity in Key West's Old Town.
      1200-1206 White Street, Key West, FL 33040
      View Details
    • $1,750,000
      1,870 SF

      Charming Key West Duplex

      Versatile Old Town duplex with pool, ideal for investment.
      606 Grinnell Street, Key West, FL 33040
      View Details
    • $1,299,000
      2,699 SF

      Key West Income-Producing Triplex

      Triplex in Key West with strong income and parking.
      1614 Dennis Street, Key West, FL 33040
      View Details

    FAQs

    What type of property is this?
    Bed & breakfast - Iconic hospitality property with 7 licensed transient accommodations.
    Where is this bed & breakfast located?
    The property is located at 1117 Duval Street Key West, FL.
    What is the asking price?
    The asking price for this property is $9,950,000.
    What are key features of this property?
    This property features: Prime Duval Street location in Old Town Key West, steps from attractions and benefiting from high tourism demand.; 7 licensed transient accommodations in a supply‑constrained lodging market.; Historic property with a unique Prohibition‑era legacy as a rum‑running hub, featuring a basement and distinctive architectural details.
    (305) 432-4848
    We can help!
    Listing Contact
    The Spottswood Team
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1117 Duval Street, Key West, FL 33040
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!