Located in the heart of the City of DeFuniak Springs, this .94-acre property presents a rare opportunity for residential or potential mixed-use development. Zoned R2 Low Density, the lot allows for the construction of up to four residential units, offering flexibility for a single-family home, duplexes, or small multi-family development. With 111 feet of frontage along Highway 331, there is also potential for C1 commercial rezoning along the highway-facing portion of the property, subject to approval by the City of DeFuniak Springs. Buyers are encouraged to contact the city for zoning and development guidelines. Utilities are readily available at the street and accessible via either Highway 331 or 13th Street, enhancing the site's readiness for construction. The lot includes two access points: a preexisting 20-foot-wide driveway from 13th Street suitable for emergency vehicles and multi-unit access, and a designated location for a vehicular bridge from Highway 331, which has already received preliminary approval from FDOT. A city-managed drainage intake is located at the southwest corner, ensuring proper water flow and mitigating drainage concerns. A distinctive feature of this property is its fresh, spring-fed water source, which flows year-round, a rarity within the historic district. With proper planning, a portion of the existing creek could be excavated to create a private, spring-fed pond, further enhancing the natural beauty of the site. The property's tranquil setting and water feature offer a unique opportunity to create a peaceful residential environment with the potential to become a true in-town retreat. Strategically located just 0.6 miles from the historic downtown district and 0.5 miles from Lake DeFuniak, this property offers both convenience and character. Whether you're an investor, developer, or buyer seeking a one-of-a-kind homesite, this parcel combines location, infrastructure, and natural appeal in one of Northwest Florida's most charming historic communities. All information is believed to be true and accurate. Buyer should do their own due-diligence in verifying anything deemed important.