Development opportunities with this combination of acreage, zoning, frontage, and location are becoming increasingly difficult to find in the rapidly expanding City of Freeport. Positioned directly in front of the new Bourbon Street Townhouse Development Project, this 2.06-acre High Density Residential (R-3) property presents an exceptional opportunity for investors, builders, developers, and entrepreneurs seeking to capitalize on one of the area's fastest growing corridors. Featuring approximately 302 feet of paved frontage along Business 331, this property offers both visibility and accessibility while providing substantial future development potential. Zoned High Density Residential (R-3), allowable density provides for up to eight single-family dwelling units per acre or up to fourteen duplex, triplex, quadruplex, or townhouse dwelling units per acre, creating multiple paths for future development and income-producing opportunities. Currently situated on the property is an approximately 1,884 square foot residence offering 3 bedrooms, 2 bathrooms, existing utilities, spacious living areas, abundant natural light, and functional space that allows immediate occupancy, rental income potential, office space, or interim use while development plans take shape. The property additionally features a detached building with substantial storage area, garage space, and carport coverage while the unrestricted acreage allows flexibility rarely found within city limits. Park boats, RVs, equipment, work vehicles, or construct additional improvements without HOA restrictions. Strategically located within Freeport city limits and less than two miles from all three Freeport schools, this central location provides convenient access throughout Walton County while remaining approximately 12 miles from the Emerald Coast beaches. Destin, Niceville, DeFuniak Springs, shopping, dining, boating, charter fishing, Crab Island, and entertainment destinations remain within easy reach. Property highlights include: *2.06 acres within Freeport city limits *Approximately 302 feet of paved frontage on Business 331 *Zoned High Density Residential (R-3) *Existing utilities already in place *Flood Zone X *No wetlands per Walton County GIS mapping *Detached storage building, garage, and carport *No HOA restrictions *Directly adjacent to an active area of residential growth and development Whether your objective is redevelopment, residential density opportunities, income-producing investment, land banking, business use, or long-term appreciation potential, this property offers flexibility and scale rarely available within the growing Freeport market. Buyer to verify all information deemed important including zoning, density allowances, land use, dimensions, utilities, development potential, and future use possibilities.