820 S K St INVESTOR OPPORTUNITY - This rare 0.46-acre (125' x 160') property - Zoning Multi Family - in the highly sought-after Sanders Beach neighborhood offers a unique opportunity for the right buyer to refresh, renovate, or reimagine a truly special location. Situated on a spacious corner lot with direct views of Pensacola Bay, the property is just an easy walk to downtown Pensacola, sits kitty-corner from the Pensacola Yacht Club, walking distance to your boat at MarineMax Marina and provides convenient walking access to a nearby kayak and sailboat launch. The home on K Street, built in 1975, features 1, 491 square feet with 2 bedrooms and 2 bathrooms and is currently very livable. Important updates have already been completed, including new windows Jan 2022, a new HVAC system Nov 2020, and a new roof Mar 2021, giving a new owner a great head start on improvements. Also on the property is an impressive 20' x 40' x 12' metal building built in 2008. This dream workshop or man cave is in excellent condition and includes beautiful workbenches, ample storage space, and an upstairs office/apartment area complete with a full bathroom-perfect for hobbies, workspace, or guests. The second home on Cypress Street, originally built in the 1950s, is a 2-bedroom, 1-bathroom structure that will require significant repair or could be removed to make way for new possibilities. There is also a Green House that is in need or some repair. With its large lot, bay views, and an unbeatable location, this property offers tremendous potential in one of Pensacola's most desirable waterfront neighborhoods.