Rare opportunities like this are few and far between! Nestled in historic Malabar, this charming Key West-style home offers privacy, character, thoughtful updates, and versatility in a peaceful Old Florida setting. Located across from the Indian River Lagoon, you're just minutes from multiple public boat ramps, making it easy to enjoy boating, fishing, kayaking, and the Space Coast lifestyle. A standout feature is the impressive 24' x 30' detached, fully insulated and air-conditioned garage/workshop with 14' sidewalls and an oversized 16' x 13' door--ideal for a boat, RV, lifted vehicles, classic cars, recreational toys, or the ultimate workshop. Whether you're looking for a private primary residence, relaxing second home, or unique investment, this property delivers a combination of space, functionality, privacy, and Old Florida charm that's increasingly hard to find in Malabar.