Attention investors! Development opportunity on Business Highway 331 in Freeport, Florida. City of Freeport is recognized as one of the fastest growing cities in the State of Florida. Property consists of 15+ acres with approximately 750 feet of highway frontage of Business Highway 331. Zoned R-3 High Density Residential plus a flood zone rating of X will accommodate up to several units per acre for future development as per City of Freeport land use guidelines. City water, city sewer and power are available. Three schools, Freeport Elementary, Freeport Middle School and Freeport High School are located within 2 miles of this property. New middle school being built in Hammock Bay is less than 4 miles away. This property features a 2500 square foot custom home that has been meticulousl maintained by the same family since it was constructed in 1973. Large open yard and grounds are ideal for large family gatherings, children and pets. Recent upgrades to the house include a complete renovation to the kitchen which includes new cabinets//countertops, flooring and appliances. Open floor plan includes a large family room, separate dining room, three bedrooms, 2 bathrooms and a large back porch/deck. New paint and flooring in most rooms. Roof is less than 10 years old, HVAC is less than 5 years old, hot water heater is approximately 5 years old. There are two large sheds that can accommodate multiple cars, boats, tractors and equipment. This unique house and acreage is located just 20 minutes from the Beaches of South Walton, 30 minutes from Eglin Air Force Base and only 15 minutes from Interstate 10 and DeFuniak Springs, Florida. Freeport Industrial Park with multiple businesses is located approximately 1/2 mile from this property. There are multiple parks and boat launch facilities for your recreational pleasures within minutes of this location.