Charming Story Book estate on 0.946 acres in Wheat Ridge, once part of the Henry Lee Farm, presents an exceptional development opportunity with immediate income from current tenants (lease through April 2026). This unique property offers unmatched privacy and space for luxury living while providing future flexibility for perhaps a guest house, in-law suite, or additional residences fulfilling your dreams. In addition, this home features radiant heated hardwood flooring, newer roof, newer bath with granite features, newer furnace/hot water heater, Pella windows, heated garage, and an abundance of storage. This prime urban infill property is zoned R-2, allowing for single-family homes, duplexes, and accessory dwelling units (ADUs). It boasts dual street access (32nd/33rd Avenues) with utilities including an active 2nd sewer tap ready to use. Strategically located just 1.9 miles from I-70/I-76, 6 miles from downtown Denver, and 24 miles from DIA, with convenient access to transportation, bike trails, and Crown Hill Park nearby. The property is adjacent to the exciting 100-acre Lutheran Legacy Campus redevelopment project, which includes an approved master plan for parks, trails, and walkable streets that enhance neighborhood amenities. Comparable 1-acre properties have sold for $1.1M to $1.8M since 2022. This rare convergence of established rental income, developable land, 2 street access, great location and R2 zoning offers a unique investment opportunity that transcends typical market transactions. This property maximizes zoning in an area where land commands premium pricing. It's ideal for those seeking the rare Story Book style house on a big lot, developers seeking significant projects or investors with a knack for identifying emerging opportunities amid Colorado's continued growth and limited urban land availability, driving strong demand for quality residential developments in established neighborhoods. 24hr notice to schedule showings.