EXTREMELY RARE OPPORTUNITY to build your estate on 150' on water on a square half acre (150' wide by 140' deep) with the very best views of downtown Miami from prestigious Palm Island. Collect rent from the 2 homes while you prepare plans and obtain building permits. Sale includes both 266 & 276 S Coconut Lane. 276 is rented for $15k/mo until Oct 31, 2021 with a 12 month option to extend and 266 is owner occupied but would leaseback if of interest to buyer. Zoned RS-4: Options are a) build a single home up to 10,500 SF, or b) divide lots and build 3 new separate homes, or c) keep as is and renovate the 2 existing homes.