This oversized 0.34 acre waterfront lot is centrally located in Santa Rosa Beach, making it a great opportunity for a multitude of options. Offering approximately 150 feet of water frontage, mature trees and direct bay access, this wonderful property presents an outstanding opportunity to create a custom home, an investment property or a pair of waterfront cottages in a great location with no HOA restrictions. Framed by beautiful mature trees that provide natural shade and privacy, the homesite overlooks a protected bayou and a large marsh buffer, preserving tranquil views and enhancing the sense of seclusion. Spend afternoons fishing from the shoreline or set out on your kayak or paddleboard for a day on the bay with convenient direct water access. Adding even more value, a water meter is already in place, allowing a substantial portion, if not all, of the tap fees for new construction to be abated. Whether your vision includes a spacious primary residence with a large yard, a large workshop or garage for your boats and trailers, or two waterfront cottages designed for short-term rental income, this property offers the space and versatility to bring it to life. Ideally positioned to enjoy everything the Emerald Coast has to offer, this property is just eight minutes from Ed Walline Regional Beach Access and only one minute from Cessna Landing Boat Launch, making both beach days and boating adventures effortlessly accessible. Convenient access to Highway 331 and Highway 98 places shopping, dining, entertainment and neighboring coastal communities just a short drive away. With generous waterfront frontage, direct bay access, valuable infrastructure already in place and no HOA, this is a great opportunity to secure an affordably priced waterfront homesite in the heart of Santa Rosa Beach.