Discover the charm and versatility of this spacious 2,800 sqft home in the heart of downtown Gravenhurst just steps from Gravenhurst Public School and a short stroll to town amenities and the Muskoka Wharf. This original home has been retrofitted with two inspected and updated to code apartment units, great for investment, offsetting your mortgage or multi-generational living. This unique property is vacant and ready for quick closing, offering the flexibility to continue as a home or rent out at market rent fully and choose your tenants. The main floor boasts timeless century-home character with a grand living room featuring a stone fireplace and built-in shelving, a formal dining room with more built-ins, and a renovated galley kitchen with an eat-in area. A bright screened in sunroom with a Juliet balcony provides a peaceful retreat. Two generous bedrooms with built-ins and a stylish 4-piece bath complete the level. The lower level extends the main living space with a large laundry room, a recreation area, a 3-piece bath, a kitchenette, and a utility room. Above the garage is a bright, fully updated second unit featuring a brand-new kitchen with stainless steel appliances , two bedrooms, an office space, and a full 4-piece bathroom. The third unit in the basement offers a 1-bedroom suite with a kitchen , 4-piece bath, and a cozy living room with a fireplace. Each unit has its own private entrance and parking. Additional highlights include a built-in 2-car garage (11.5' x 43'), forest view in backyard and an unbeatable location for families or investors alike. A rare opportunity for multi-generational living, income potential, or a large family home - all in the heart of Muskoka.