Development Opportunity! Consider the potential of this combined 5.15 and .24 acre property, totaling 5.39 acres, located in the expanding downtown/business corridor of Freeport, Florida. Situated on 331 Business, this property offers various future property uses. Zoned Residential/Commercial, allowable uses include retail and restaurants, professional/medical office, and residential/multifamily related uses. The property measures 251 ft. of frontage on 331 Business, is located approximately .8 miles north of SR 20, and 3.6 miles south of US-331. The 98/30a area beaches are 20-30 miles away, Destin-Fort Walton Beach (VPS) Airport 28.5 miles away, and I-10/Defuniak Springs 17 miles away. Freeport Elementary School is across the street from the property, with Freeport's middle and high schools both on 331 Business as well. Freeport's rapid growth, fueled by the demand for non-coastal and attainable living, positions it as one of the fastest-growing communities in Florida, with more growth to come.