The Parmelee Estate is a well-maintained yet undeveloped Islamorada haven with an island at its center. The 40-acre property is situated on the bayside of Lower Matecumbe Key and is accessed by way of a private road. Owned by the same family since the 1950s, the parcel is ensconced in 4,000 Jamaica Tall and Maypan coconut palms, silver and green buttonwoods and other native plants that the family has lovingly planted and tended for four generations. Currently, the property is surrounded by water on three sides and holds one modest home, situated on the Florida Bay. This quaint old Florida one-level cottage offers two bedrooms, two baths, and a kitchen overlooking the water. The land remains primed for future development on 10-4 acre building sites, including two located on the central island. Each parcel is allowed one main home and a guest home and all building sites have water access and magnificent views! The Parmelee Estate is one of the few remaining gems within the Florida Keys that is untouched by past development, and therefore holds practically endless possibilities. This pristine piece of land offers buyers an idyllic opportunity to develop the land as they wish, enjoying a private escape as well as the many conveniences available in Islamorada.