Unique opportunity for “buy & hold” or immediate redevelopment investment in the heart of the Olde Naples district, bordering Aqualane Shores. Large 100'x151’ lot with existing rental income producing condominium association in an unrivaled location between 5th Ave. and 3rd St. and within walking distance to everything downtown Naples has to offer! A large parcel with 15,100 sq ft that can be redeveloped into 1 or 2 large single family homes, 3 townhomes or 4 condos! This parcel is zoned R3T-12, which allows unique transient rental opportunities for downtown Naples. It can be sold in bulk (100'x151’); or, be re-plat into two separate parcels (50’x151’ each)at ONLY ($260SF)EACH OR sold separately. Current owners have worked with the City of Naples, various architects and contractors in town on all building possibilities. Sample plans, as well as estimated building costs from local top contractors in hand and can be shown to potential serious buyers. PRESENTLY ALL RENTALS UNITS ARE GENERATING ALMOST $68K GROSS YEARLY. REAL AVERAGE VALUE ON MARKET:$2,880,300.