517 Duval Street Key, Key West, FL 33040

This two-story concrete building is a prime investment property located in the 500 block of Duval Street. The property features a retail space on the ground floor and six professional offices on the second floor. The retail space is occupied by Tapestry, also known as Coach, a long-term NNN retail tenant since 1998 with a lease extended through January 31, 2033, and an option to extend until 2036. Coach is planning a major store upgrade and renovation in the summer of 2025. The retail space has 51 feet of frontage on Duval Street and a total area of approximately 3,937 square feet. The second floor, also 3,937 square feet, contains six individual offices that are fully rented. Each office tenant is on a gross lease and has its own electric meter. The second floor also includes a storage room and individual men's and women's bathrooms. A large parking lot in the rear, located at 518 Bahama Street, provides space for 10+ cars, a dumpster, and a loading area. The combined lot size totals 9,068 square feet. The building is in excellent condition and has been well-maintained, with recent renovations including new impact-resistant doors and windows, a replaced awning on the entire first-floor storefront, a rebuilt rear stairwell, a recoated roof, and a stormwater disposal well in the lot. The property is located on high ground in an X flood zone, with high daily foot and vehicle traffic. Neighboring businesses include Margaritaville, Banana Republic, Kilwin's Fudge, Jack Flats, Gap, CVS & Walgreens, and the San Carlos Institute. The property is suitable for a 1031 Exchange and/or long-term investor.