723 Eaton Street and 309 Peacon Lane
An Exceptional Historic Compound in Key West's Coveted Old Town
Discover a rare investment opportunity where timeless elegance meets modern luxury in the heart of Key West's most distinguished neighborhood. This extraordinary street-to-street compound represents the pinnacle of island living and strategic real estate acquisition.
305-923-1744
723 Eaton Street & 309 Peacon Lane
Historic Old Town Compound | Offered at $7,500,000
This distinguished property presents a sophisticated investment opportunity in Key West's most coveted address. The compound comprises four beautifully appointed residences spanning a rare street-to-street parcel, offering unparalleled flexibility for multi-generational living, executive housing, or luxury rental income streams.
Four Separate Residences
Main home: 3BR/3.5BA plus three self-contained units creating multiple lifestyle and income possibilities
Gated Off-Street Parking
Exceptionally rare amenity in Historic Old Town, adding tremendous value and convenience
X-Flood Zone
No special flood insurance burden, providing peace of mind and enhanced asset stability
Dual Street Access
Unique Eaton-to-Peacon configuration creates privacy while maintaining Old Town connectivity
The Main Residence: Refined Island Living
The principal home showcases impeccable design with soaring ceilings and premium impact windows throughout. The heart of the residence flows seamlessly to a heated pool surrounded by tropical landscaping and a sophisticated water feature, creating an intimate oasis in the center of Old Town's vibrant energy.
Three bedrooms and three-and-a-half bathrooms provide generous accommodation, while the thoughtful layout balances elegant entertaining spaces with private retreats. Every detail reflects the quality and character discerning buyers expect from a premier Key West estate.
Main Home Features
- 3 bedrooms, 3½ bathrooms
- Soaring ceiling heights
- Impact-rated windows
- Heated swimming pool
- Integrated water feature
- Premium finishes throughout
Additional Revenue-Generating Residences
Beyond the main residence, three fully independent units offer exceptional versatility. Two elegant one-bedroom, one-bathroom cottages provide intimate guest accommodations or attractive rental opportunities, while a spacious two-bedroom, two-and-a-half bathroom residence features a private deck perfect for sunset entertaining.
1
Garden Cottage
Charming 1 bedroom, 1 bathroom unit at the front of 724 Eaton Street, full of vintage charm. This apartment includes parking and a private entrance, full kitchen, full bedroom and bath plus a lovely front porch where you can watch the world pass by. This unit is ideal for long term tenancy or extended holiday stays.
2
Peacon Lane Residence
Intimate 1 bedroom, 1 bathroom residence with a private entrance off Peacon Lane. This gem offers off-street parking, private outdoor space, full kitchen, bedroom and bath plus independent utilities and refined appointments.
3
Pool View Suite
Spacious 2 bedroom, 2½ bathroom apartment occupying the top floor of the main house. This unit is two stories with a private deck overlooking the pool, private entrance, off-street parking and premium finishes.
Location: The Heart of Historic Old Town
Situated within Key West's original Old Town footprint, this compound occupies one of the island's most historically significant neighborhoods. The location places you within the earliest seaport activity zone, where maritime heritage meets contemporary island sophistication.
Stroll to waterfront dining establishments, live music venues, sailing charters, and boutique shopping while enjoying the privacy that lush landscaping and dual-street access provide. This is Old Town living at its finest—intimate, exclusive, and authentically Key West.
Investment Excellence: Multiple Income Streams
4
Independent Units
Fully self-contained residences with separate utilities, entrances, and rental potential
$7.5M
Strategic Pricing
Positioned above median market while offering exceptional value for compound properties
100%
Occupancy Potential
All units equipped and ready for immediate rental or family occupancy
The four self-contained units create unprecedented flexibility for generating multiple income streams. Whether pursuing vacation rental opportunities, long-term tenant relationships, or a combination strategy, this property delivers. The X-Flood Zone designation and gated parking significantly enhance asset stability while reducing ongoing insurance expenses—critical factors for sophisticated investors evaluating long-term returns.
Key West Market Intelligence
Understanding the broader market context illuminates why this compound represents such exceptional value. Key West real estate continues demonstrating remarkable strength, with sophisticated investors recognizing the island's enduring appeal and limited inventory of premier properties.
Median Sale Price Growth
Key West median sale prices reached approximately $1.19 million in September 2025, representing a remarkable 40.8% year-over-year increase and demonstrating sustained market momentum.
Price Per Square Foot
The median listing price per square foot hovers around $1,000/sq ft, reflecting the premium nature of Key West real estate and strong demand fundamentals.
Luxury Market Dynamics
With average list prices around $3.85 million, the luxury segment remains robust, attracting discerning buyers seeking exceptional properties in limited supply.
Market Positioning: At $7.5 million, this compound sits well above typical Key West pricing, reflecting its extraordinary nature. The combination of four residences, dual street access, off-street parking, and X-Flood Zone designation in Historic Old Town creates a rare offering in a market where properties of this caliber are exceptionally scarce.
Why This Property Commands Premium Positioning
Scarcity Value
Street-to-street compounds with multiple dwellings in Historic Old Town represent less than 2% of available inventory, making this offering truly exceptional
Income Diversification
Four independent units allow simultaneous pursuit of short-term vacation rentals, long-term leases, and personal use—maximizing flexibility and returns
Risk Mitigation
X-Flood Zone status significantly reduces insurance costs while off-street parking adds tremendous value in a neighborhood where parking commands premium prices
Legacy Potential
Perfect for multi-generational families seeking a Key West anchor property that accommodates extended family while generating income from unused units
Schedule Your Private Presentation
Listed by Corky Irick | 305-923-1744
Preferred Properties Key West | PreferredPropertiesKeyWest.com
Preferred Properties Key West | PreferredPropertiesKeyWest.com
This distinguished compound awaits the discerning buyer who recognizes exceptional value when market data, location prestige, and property versatility align perfectly. Schedule your private presentation to experience firsthand why 723 Eaton Street & 309 Peacon Lane represents one of Key West's most compelling opportunities.
Your Key West Legacy Awaits
Experience the Extraordinary
Properties of this caliber rarely become available in Historic Old Town. The combination of four residences, exceptional location, and investment-grade features creates an opportunity that transcends typical real estate transactions.
Whether you're seeking a multi-generational family compound, a sophisticated investment vehicle, or a legacy property that appreciates while generating income, 723 Eaton Street & 309 Peacon Lane delivers on every dimension.
01
Schedule Your Private Tour
Contact Corky Irick at 305-923-1744 to arrange an exclusive presentation of the property
02
Review Investment Analysis
Receive detailed financial projections and market comparables demonstrating value
03
Craft Your Offer
Work with our team to structure a transaction that aligns with your objectives
04
Begin Your Key West Chapter
Close with confidence and start enjoying your Historic Old Town compound
Corky Irick
Luxury Real Estate Specialist
305-923-1744
Preferred Properties Key West
With deep expertise in Key West's luxury market and Historic Old Town properties, Corky brings unparalleled knowledge to every transaction. His commitment to discretion, market intelligence, and client service has made him the trusted advisor for discerning buyers seeking Key West's finest properties.