Under contract-accepting backup offers. An extraordinary opportunity to finish the transformation of a true Madeira Beach waterfront gem. Perfectly positioned along open water in the Madeira Cove of Boca Ciega Bay, this standout property captures the essence of Florida coastal living and offers the rare chance to create something truly special, whether through a thoughtful renovation or a brand-new custom build. The waterfront features alone are irreplaceable: a seawall, private dock, two boat slips, and a 16,000 lb boat lift set the stage for effortless boating, world-class fishing, and unforgettable evenings watching vibrant sunsets and dolphins right from your backyard. Inside, the layout was designed with flexibility in mind. Two primary ensuite bedrooms with separate entrances offer endless possibilities: ideal for an in-law suite, private guest quarters, or income-producing rental units. The home is wheelchair accessible and has the potential to be converted into a duplex, unlocking significant rental or multi-generational living potential. Recent upgrades provide a strong foundation for the rebuild, including new recessed lighting throughout, a new A/C system, new electrical panel, new electric water heater and a roof replaced in 2017. The home is also elevated nearly two feet above the slab with a crawl space underneath, a valuable structural feature for coastal living. Location is everything, and this one delivers: just a 0.25-mile walk straight to public beach access, plus walking distance to local bars, restaurants, and coffee shops, front seat access to the Madeira Beach boat parades, and fireworks, offering the ultimate live-where-you-vacation lifestyle. The property was flooded during Helene, and was quickly opened up and cleaned out. Due to the elevated nature of the home, the house flooded less than the surrounding homes. Whether you envision restoring the existing structure or starting fresh with a custom waterfront masterpiece, this is a rare chance to secure a prime canal-front lot in Madeira Beach and bring a high-potential property back to life.