Presenting an unparalleled prospect to acquire a prime, buildable lot situated in the highly sought-after Palmetto Park neighborhood and preserve some neighborhood history. This unique property already has a meticulously maintained 1 bed 1 bath historic bungalow that was remodeled to help preserve one of the oldest homes in the neighborhood. The bungalow is situated on the far northern end of the lot leaving the southern end of the lot vacant. Some of the upgrades in the bungalow include new appliances, a new roof, and new flooring. The vacant southern portion of the lot offers the ability for a new construction home to be built. When the new residence has been built the existing bungalow will then be earmarked as an Accessory Dwelling Unit (ADU). This versatile arrangement allows for you to reside in the charming bungalow during construction of the new home or it can be utilized as a lucrative rental property for passive income. Located within walking distance of the vibrant Grand Central district! This location is ideal for those who appreciate convenient access to local shops, restaurants, nightlife, and special events. Moreover, its proximity to Downtown St. Petersburg and seamless highway connectivity facilitates swift access to airports, Tampa, and St. Pete Beach. Capitalizing on the rare opportunity to acquire a historic home while concurrently developing a new residence on the same expansive lot, this property stands as a testament to the fusion of tradition and modernity. Note: The home adjacent to this home is also for sale by the same owner (2862 2nd Ave S). Package offers are welcome