Breathtaking southwest open-water views on Lake Muskoka! Nestled on desirable Hemlock Point between Gravenhurst and Bala-under 2 hours from the GTA-this cherished, multi-generational property offers a rare waterfront footprint. Boasting over 1,860 sq. ft. of finished living space, the unique two-storey on-water boathouse/cottage features a bright open-concept kitchen, living, and dining area overlooking the lake, with a seamless walkout to a large side deck. The main level also includes a bedroom and 4-piece bath, while the upper backsplit level hosts two spacious bedrooms, including a impressive 21' primary suite complete with a 3-piece ensuite and walk-in closet. The expansive lower deck includes two boat slips (one covered, one enclosed) with shallow and deep water entry. Additional highlights include a partial walkout basement with laundry, utility, and storage space, plus a detached 12' x 21' Bunkie/storage building. Set on a lovely 0.42-acre lot with 134' of frontage (116' straight line), this property presents an incredible redevelopment opportunity with an unmatched, grandfathered footprint. Property being sold "AS IS". Buyer encouraged to confirm with Township of Muskoka Lakes regarding any redevelopment potential.