240 Oleander Ave Palm Beach, FL 33480

This exceptional Palm Beach property offers a unique investment opportunity. Currently featuring a three-unit apartment building (two 1-bedroom and one 2-bedroom units) totaling 2,718 net rentable square feet on a 0.195-acre lot, the property is zoned R-C—MEDIUM DENSITY RESIDENTIAL (50-PALM BEACH). Approved architectural plans exist for a complete redevelopment into a stunning 5-bedroom, 6.5-bathroom chateau. The existing building, constructed in 1952, sits on one of the largest lots on Oleander Avenue and offers five parking spaces. The asking price is $5,850,000, translating to $1,620.50 per square foot of the existing building and $1,950,000 per unit. The property is currently vacant. This prime location provides proximity to breathtaking ocean and intracoastal views, world-class dining, high-end shopping, and cultural attractions. The redevelopment plans envision expansive living spaces, a gourmet kitchen, a luxurious master suite with spa-like bathroom and private terrace, a lavish pool, and a beautifully landscaped garden. This is a rare chance to create a dream home in the heart of Palm Beach. The property's address is 240 Oleander Ave, Palm Beach, FL 33480, with APN 50-43-43-15-06-000-0110. The property is classified as Class A, and the investment type is Value Add Redevelopment.