Rare waterfront opportunity on prestigious Prairie Ave in Miami Beach. Situated on a 12,150 SF lot with ocean access via canal, this property offers the unique combination of immediate livability and exceptional long-term potential. The existing 4,400 SF residence features a spacious and functional floor plan with expansive open living areas complemented by several distinct spaces for entertaining, relaxing, and everyday living. A large kitchen, generous utility room, and well-proportioned layout provide comfort and flexibility for both full-time residents and seasonal owners. The home can be enjoyed immediately as a comfortable waterfront residence while also presenting outstanding future opportunities to renovate, expand, or create a custom luxury estate over time. Surrounded by premier waterfront homes and ideally located near beaches, houses of worship, top schools, shopping, and dining, this is an exceptional opportunity to secure a sizable waterfront property in one of Miami Beach's most desirable residential neighborhoods. Listing broker is an owner of this property.