In a market where employee housing, flexibility, and long-term real estate value are becoming increasingly difficult to find, the opportunity at 800 Elizabeth Street and 624 Petronia Street stands out as one of the most versatile investment properties currently available in Old Town Key West.
Offered together as a unique triplex compound for $1,799,000, this rare property combines classic Key West charm with practical income-producing potential in one of the island’s most desirable neighborhoods.
The property consists of:
A historic two-story Conch home at 800 Elizabeth Street featuring 5 bedrooms and 3 bathrooms
A separate duplex at 624 Petronia Street with two 1-bedroom, 1-bath units
A total of 7 bedrooms and 5 bathrooms across three separate living spaces
Shared outdoor patio areas designed for relaxed island living
Why This Property Makes Sense for Business Owners
Finding quality employee housing in Key West has become one of the biggest challenges for local businesses. Restaurants, hospitality groups, marine businesses, contractors, healthcare providers, and retail operators are all competing for a limited housing inventory.
This property creates a unique solution.
A business owner could comfortably live onsite in the spacious main Conch home while utilizing the two additional units for employee housing, long-term staff accommodations, or supplemental rental income. Alternatively, all three units could be used strictly as workforce housing for key employees.
The flexibility is what makes this investment so compelling:
House management staff or essential employees close to work
Reduce turnover by offering housing benefits
Offset ownership costs with rental income
Maintain a private owner’s residence while generating cash flow
Create a family compound with separate guest or extended-family quarters
In a town where retaining employees often depends on housing availability, owning a property like this can become a strategic business asset as much as a real estate investment.
The Charm of Old Town Key West
Located in one of Old Town’s peaceful and highly desirable residential pockets, the property offers walkability to restaurants, galleries, shops, and the historic character that draws people to Key West in the first place.
The main home captures classic island architecture with:
Soaring ceilings
Traditional Conch-style details
A welcoming front porch
Upstairs balcony overlooking tree-lined streets
Indoor-outdoor island living spaces
The duplex units at 624 Petronia each include full kitchens and private washer and dryers, making them highly functional for long-term occupancy.
A Strong Long-Term Hold in a High-Elevation Location
Another major advantage is the property’s location within an X flood zone, one of the higher elevations in Key West, offering additional peace of mind for owners and investors.
As workforce housing continues to become more valuable throughout the Florida Keys, properties that offer multiple legal units in premium Old Town locations are increasingly difficult to acquire.
Whether you are:
A business owner seeking housing solutions
An investor looking for income-producing property
A buyer wanting to live in one unit while renting the others
Or someone searching for a flexible family compound
this property offers a rare combination of location, functionality, and long-term value in the heart of Key West.
For more information or a private showing, contact the Key West Sisters team at Key West Sisters.
