Property Description

Nestled in the heart of central Melbourne and directly across from a lush local golf course, this historic home presents a rare, high-upside opportunity for investors and developers alike. Set on a generous .42-acre parcel with city water and sewer in place, the property offers flexibility to rehabilitate the existing residence or start fresh with new construction. The value multiplies with the option to combine the adjacent parcel for a total of .84 acres, or further expand by adding a third property to reach an impressive 1.26 acres?unlocking the ability to pursue R2 rezoning with a density allowance of up to six units per acre. Currently, zoning allows for an accessory dwelling unit of up to 600 square feet, attached or detached, and permits short-term rentals, creating immediate income potential. Located within a Qualified Opportunity Zone, this assemblage delivers substantial tax advantages, making it an exceptional canvas for redevelopment, income production, long-term portfolio growth in one of Melbournes most desirable corridors.