$2,850,000
Key West, FL 33040
MLS# 617723
Status: Closed
4 beds | 4 baths | 1968 sqft
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Property Description
510 Margaret Street and 3 Scheppens Lane deliver an unparalleled island retreat. Ideally positioned on one of the most coveted streets in the heart of Old Town, this light-filled 4BD/4BA compound offers both comfort and privacy. The beautifully updated 3BD/3BA main residence features restored Dade County Pine walls, striking hardwood floors, Verde granite countertops, Thermador stainless appliances including a large wine cooler, and a stunning vaulted great room. The detached 1BD/1BA guest cottage offers its own full bath, fully equipped kitchen, living room. It can be accessed from its own private lane- ideal for hosting family and friends. Just off the cottage is a private off-street space to accommodate a golf cart. Both homes are designed with entertaining in mind- with bright, open living areas that flow seamlessly to the private backyard oasis, and easy access to a large built-in wine cooler. Outside, a serene pool complete with a stacked-stone waterfall provides the perfect sanctuary for relaxing or entertaining in true Key West style. Don't miss the chance to see this exceptional Old Town property that showcases meticulous renovation, high-end finishes, and historic charm.
Details
Maps
Documents
Contract Information
Current Price: $2,850,000
Listing Date: 2025-12-16
Listing Board: Key West Association
Leased Price Monthly: $2,850,000
Location, Tax & Legal
Street #: 510
Street Name: Margaret
Street Suffix: Street
Key/Island: Key West
State/Province: FL
Zip Code: 33040
County: Monroe
Subdivision: Old Town - Unlisted (1.0)
Area: 02 - Key West
General Property Description
Realtor.COM Type: Residential - Single Family
Style: Single Family
Waterfront: No
Pool: Yes
Year Built: 1938
Total Units: 2
Lot SqFt: 3155
Lot Sqft Source: Property Data Card
Living Apx SqFt: 1968
SqFt Source: Appraisal
Total Bedrooms: 4
Full Baths: 4
Total Baths: 4
Rentals Allowed: With Restrictions
Association Info
Mandatory Home Owners Asc: No
1st Right of Refusal: No
Specialty Rooms
Guest/Servant Qtrs: Legal
Building Style
Above Flood: Unknown
# Stories: 2 Stories
Pool Info
Heated: Yes
Financial Status
Standard Sale: Yes
Status Change Info
Under Contract Date: 2026-03-20
Leased Date: 2026-04-17
Leased Price Monthly: $2,850,000
Status: Closed
Property Features
Fee Includes: None
Tax Exemptions: None
Waterfront: None
Waterview: No Waterview
Dockage: None
Property Condition: Updated/Remodeled
Furnished: Negotiable
Cooling: Ceiling Fans(s); Central Air
Utilities: FKAA; Municipal Sewer
Interior Features: Built-in Cabinets; Cathedral Ceilings; Dade County Pine; Granite Counter Top
Pre-Wired: Cable
Appliances: Dishwasher; Dryer; Freezer; Gas Appliances; Microwave; Oven; Range; Refrigerator; Stainless Steel Appliance(s); Washer; Wine Cooler
Exterior Features: Detached Guest Qtrs; Fencing; Lighting; Outdoor Shower; Privacy Wall/Fence; Water Display
Pool Info: In Ground; Concrete
Construction: Frame
Shutters: Panel
Floor: Tile; Wood
Roof: Metal Roof
Pets: Pets Allowed
Land Size: Less Than 1/4 Acre
Terms: Cash; Conventional
Title: Negotiable
510 Margaret Elevation Certificate 
Listing Office: Brenda Donnelly Real Estate LLC
Last Updated: April - 17 - 2026
The data relating to real estate for sale on this web site comes in part from the Florida Keys MLS, Inc. Information provided is deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. The information being provided is for consumers’ personal, non-commeral use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IDX data is deemed reliable but is not guaranteed accurate by the MLS.