Located in the heart of downtown Urbana, this stately property offers a rare opportunity in a coveted B-3 zoning district designed to encourage the functional grouping of commercial, office, institutional, and residential uses while preserving the character and charm that make downtown so special. Whether you've dreamed of living in a vibrant downtown setting surrounded by shopping, a bakery, a brewery and outstanding dining options, or you're ready to launch or expand your business in a thriving small town, this property delivers flexibility and endless potential. Offering nearly 2,700 sq ft of living space, the property features 3 bedrooms and 1.5 baths and showcases timeless architectural details throughout. A grand foyer welcomes you with an amazing open staircase highlighted by meticulous woodwork that immediately sets the tone. Bay windows, pocket doors, decorative fireplaces, wood floors, crown molding, and beautiful woodwork create an atmosphere of elegance and warmth that simply cannot be replicated. The main level provides oversized rooms and multiple gathering spaces, ideal for residential living, professional offices, boutique retail or a creative studio concept. The spacious eat-in kitchen has updated cabinetry, a small butler's pantry, comes furnished with SS appliances and has access to the back staircase. A convenient half bath completes the first floor. Upstairs, you'll find three large rooms that can function as bedrooms, offices, or retail space, along with a full bath featuring a double sink vanity, jacuzzi-style tub, and separate walk-in shower. The second-floor laundry adds everyday practicality. Outdoor living is just as impressive, with covered porches, a charming second-level balcony, and a completely privacy-fenced backyard. Off-street parking includes a covered carport with space for up to four vehicles, which is an exceptional amenity in a downtown location. Live, work, or create - this one-of-a-kind property invites you to do it all!