This property is truly a rare gem! Nestled on 0.94 acres of waterfront land on Lake Olive in the heart of Thornton Park, it boasts 200 feet of lakefront with stunning sunset city views. The nearly acre-sized lot, zoned R-2, offers endless possibilities for development. The city has indicated potential approval for subdividing the land to build up to three luxury homes, making it a prime investment opportunity. The existing historic home, built in 1925, features 4 bedrooms and 2 bathrooms. It features updates including a roof and AC system both approximately 8 years old, as well as updated plumbing and electrical systems. The renovation is nearly complete, showcasing high-end finishes such as beautiful wood floors, marble countertops, hurricane impact windows, and renovated bathrooms. The property also includes a 2-car garage and is fully fenced with a gate and security cameras for added safety. Seawall is already in place. Located just outside the historic district, no approval is needed from the historic preservation board for further development. The house, elevated on pilings, can be moved to the side to accommodate new construction, relocated to a new lot, or removed entirely for a fresh start. The possibilities are endless! Situated in the vibrant Thornton Park neighborhood, this property is just a few blocks to Lake Eola, Dr. Phillips Performing Arts Center, Kia Center, and world-class dining and shopping. This is a once-in-a-lifetime opportunity to own a piece of prime real estate with immense potential.