723 Eaton Street
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
Historic Old Town Compound | Offered at $5,950,000
This distinguished property presents a sophisticated investment opportunity in Key West's most coveted address. The compound comprises three beautifully appointed residences spanning a rare street-to-street parcel, offering unparalleled flexibility for luxury rental income streams. 6887 sq. ft. lot size, total of 4094 sq. ft. of living space and a total of 6 bedrooms with 6 full baths and 2 half baths.
Three 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 (Owners): 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, two fully independent units offer exceptional versatility. One charming one-bedroom, one-bathroom cottage provides year round stable income or attractive rental opportunity, while a spacious two-bedroom, two-and-a-half bathroom residence features a private deck perfect for sunset entertaining and either year round or monthly vacation rental opportunity.
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 large front garden, 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
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
3
Independent Units
Fully self-contained residences with separate utilities, entrances, and rental potential
$5.95M
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 three 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, Spring 2026
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 climbed to approximately $1.19M, reflecting the rapid appreciation seen in recent years.
Even with a shift toward a more balanced market, pricing remains firmly above historical levels—supporting long-term value.
Price Per Square Foot
Values continue to command a premium, averaging around $1,000 per square foot.
Limited land, constrained inventory, and consistent demand continue to support pricing at this level.
Luxury Market Dynamics
Offered at $5.95M, this property sits firmly within the upper tier of the Key West market, where buyers are seeking distinctive, one-of-a-kind properties.
Unlike typical inventory, offerings in this range are driven by rarity, location, and uniqueness—not averages.
Market Positioning:$5.95M | Top Tier | Rare Offering
This is not a typical Old Town property.
It’s a multi-residence (3) property with flexibility, income potential, and location—
a combination that is increasingly difficult to find in Key West.
It’s a multi-residence (3) property with flexibility, income potential, and location—
a combination that is increasingly difficult to find in Key West.
Why This Property Commands Premium Positioning
Scarcity Value
True value at this level is driven by rarity, not replication
In Old Town, the ability to assemble multiple residences, parking, and favorable zoning is extraordinarily limited—making this offering part of a finite and highly sought-after segment of the Key West market
Income Diversification
Three independent units allow simultaneous pursuit of short-term vacation rentals, long-term leases, and personal use—maximizing flexibility and returns
Risk Mitigation
In a market where resilience matters, this property stands apart.
X Flood Zone.
Off-street parking.
New construction built to current storm codes.
Off-street parking.
New construction built to current storm codes.
Impact-rated roof, doors, and windows provide a level of protection that supports both lifestyle and long-term value.
Legacy Potential
Perfect for investors 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 spacious triplex awaits the discerning buyer who recognizes exceptional value when market data, location prestige, and property versatility align perfectly. Schedule your private presentation to experience first hand why 723 Eaton Street 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 three residences, exceptional location, and investment-grade features creates an opportunity that transcends typical real estate transactions.
Whether you're seeking a sophisticated investment vehicle, or a legacy property that appreciates while generating income, 723 Eaton Street 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 a trusted advisor for buyers seeking Key West's finest properties.