Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Key West Restaurant Opportunity Title is generated by Realmo AI

    509 Southard St, Key West, FL 33040

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Restaurant for sale near Duval Street with indoor and outdoor seating.

    Type:Business for Sale
    Property size:
    2,059 SF
    Price / SF:
    $109/SF
    Added:
    Mar 7, 2026
    Days on Market:
    76
    Last Refresh:
    Mar 16 at 3:19 pm

    Property Features for 509 Southard St

    General Information

    Standard status
    Active
    Size
    2,059 SF
    Property subtype
    Business for Sale

    We can help!

    Listing Contact
    Bobby Coe
    Bobby Coe

    Listing agent Bobby Coe License #3428120

    Listing office RE/MAX All Keys Real Estate

    Listing date Mar 7, 2026

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX All Keys Real Estate

    HighLights

    • Prime location near Duval Street with high foot traffic.
    • Known for amazing food and a groovy atmosphere, attracting both locals and tourists.
    • Offers both main dining room with bar and separate private dining room.
    • Spacious and efficient kitchen.
    • Street‑side outdoor dining available.
    • Opportunity to own a restaurant in Key West.

    Overview

    This restaurant is known for its food, location, and atmosphere, offering a dining experience that attracts both locals and visitors. The property is located near Duval Street, benefiting from foot traffic while providing an 'Off Duval' experience. The space includes a main dining room with a bar area, and a separate dining room suitable for private parties or special events. The kitchen is spacious and efficient. Outdoor street-side dining is also available. The property size is 2059 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Cafe Restaurant

    Suggested Use

    Law Firm Real Estate Agency Dental Office Spa & Massage Center Hair Salon Restaurant Nail Salon Building Supply Daycare Center Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Key West
    County
    Monroe
    State
    Florida
    Longitude
    -81.8017602
    Latitude
    24.5552256

    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
    • $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
    • $1,250,000
      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
    • $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
    • $1,950,000

      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?
    Conventional restaurant - Restaurant for sale near Duval Street with indoor and outdoor seating.
    Where is this conventional restaurant located?
    The property is located at 509 Southard St Key West, FL.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Prime location near Duval Street with high foot traffic.; Known for amazing food and a groovy atmosphere, attracting both locals and tourists.; Offers both main dining room with bar and separate private dining room.
    (305) 296-1400 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Bobby Coe
    Bobby Coe
    Real Estate License ID: 3428120
    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
    509 Southard St, 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!