Under contract-accepting backup offers. Investment Potential in Palmetto Beach neighborhood, one of Tampa's historic coastal communities experiencing ongoing revitalization. Perfectly located just 1.5 miles from Historic Ybor City and a mere 2.5 miles from Downtown Tampa. Set elegantly on an oversized 77 by 118 foot corner lot directly across from the sparkling waters of McKay Bay, this 1933 bungalow represents a rare, defining opportunity in the Tampa Bay market. 2,168 square feet of living space with 3 bedrooms and 2 bathrooms is a dramatic architectural canvas waiting for its next chapter, whether that means a grand restoration or the creation of a brand new custom luxury estate. The home features 12-foot ceilings throughout, and sunlight pours through several large windows in each room. True craftsmanship echoes through the custom crown moldings, intricate ceiling dials, beautifully framed doors and windows, and graceful arched openings that connect the main living areas. A classic wood burning fireplace stands ready to serve as the heart of the home. Functional extras include a partially floored attic for abundant storage and a brand new roof installed in October 2024. An oversized detached two car garage provides exceptional utility, complete with a laundry room, storage room, and plumbing already in place for a half bathroom. The detached layout and generous lot size could offer potential for the future construction of a secondary living structure on site. The natural beauty of the McKay Bay bird estuary and the sprawling amenities of Desoto Park are right across from this property. Residents will enjoy immediate access to a waterfront playground, basketball courts, a soccer field, a skate park, walking and jogging trails, and a beautiful zero entry public pool. Location is everything, and this property sits at the epicenter of Tampa's most exciting multi-million dollar transformations. Just a little over a mile away, the 50 acre Gas Worx mixed use development will seamlessly connect Ybor to Downtown, while the Ybor Harbor project will introduce a vibrant waterfront boardwalk, premier dining, and lush green spaces. Even closer, the neighborhood is poised for an evolution. The City of Tampa's Pathways to Palmetto Project is proposed to reconstruct the McKay Bay seawall, add modern sidewalks, and revitalize Bermuda Boulevard. The northern lot next door will have a new build, similar to the 2023 new build next to it, in 2026/2027. Please note, this property has experienced previous flooding and fire damage. It is being sold strictly as-is, presented as a full remodel opportunity or a premier tear-down site for an exquisite new construction build. Whether you are a local custom builder looking for your next marquee project, a seasoned investor ready for a major flip, or an ambitious primary buyer wanting to build a forever home with views of the water, bring your contractor and your imagination to claim your piece of the Tampa waterfront lifestyle.