Located in the heart of downtown Petoskey, this versatile property offers an opportunity to enjoy one of Northern Michigan's most sought-after neighborhoods. Enjoy the convenience of being just a few blocks from shopping and dining in Petoskey's historic Gaslight District, and less than a half mile from the Petoskey Marina and shores of Lake Michigan, not to mention easy access to the Winter Sports Park, the library and area schools. Colonial-inspired architecture welcomes you with a charming front porch, hardwood floors throughout,10-foot main floor ceilings and a classic staircase that showcases the home's enduring character. Offering 5 bedrooms with the potential for an office, or studio space in the third-story attic, the home provides flexibility for a variety of living arrangements. Currently configured as a two-unit residence, the property features a separate entrance to the lower-level apartment, two kitchens, and two laundry areas, creating potential for long term rental income, multi-generational living, guest accommodations, or a seamless conversion back to a single-family home. Outdoor living is equally appealing, with a spacious deck ideal for entertaining while enjoying views of Little Traverse Bay. The inviting front porch offers the perfect spot for morning coffee, surrounded by fragrant lilacs and blooming hydrangeas and a 3-car garage provides abundant storage and workshop space. Recent improvements include a new roof and gutters, new sewer lines and sidewalks and a new chimney. The home is also equipped with a glycol-based plumbing freeze protection system, providing an added layer of protection for water lines during Northern Michigan winters. Combining historic charm, modern functionality, bay views, and unmatched walkability, this unique downtown Petoskey property offers a lifestyle opportunity rarely found in today's market.