Unparalleled waterfront opportunity in highly coveted Bonnet Shores! Positioned high above the coastline with no flood insurance required due to its elevation, this oversized, nearly half acre parcel commands breathtaking 180-degree panoramic views spanning Narragansett Bay, from the iconic Jamestown and Newport bridges, past Beavertail to the Atlantic Ocean. Originally two separate parcels, this property offers rare potential to unmerge into two standalone lots (approvals required) or build the ultimate luxury oceanfront compound. The property currently features a 2,900 SF, 4-bedroom, 2-bath 1938 Colonial with hardwood floors, town water, and town sewer. Whether you choose to redevelop, or restore, the clifftop location is unmatched. Lots of this size offering an opportunity to build your dream home are exceedingly rare in Bonnet Shores! Enjoy the quintessential Narragansett lifestyle with exclusive deeded beach rights to Bonnet's private Kelly Beach and boat launch access at Little Beach. Don't miss this extraordinary piece of coastal Rhode Island. Please see the video for additional footage.