A historic mansion with excellent income generating opportunities awaits at this stunning century property, ideally located in one of the Annapolis Valley's most picturesque historic areas. Located in charming Annapolis Royal, 2 blocks from the ocean and directly across from the renowned historic gardens, this unique offering features five tenant-occupied units, including an impressive owners residence spanning three storeys. The main quarters boast 10-foot ceilings, historic woodwork, a charming propane fireplace, three bedrooms, two inviting living rooms, a formal dining room and thoughtful modern updates: energy-efficient heat pumps, a custom chef's kitchen with quartz countertops and beautifully renovated bathrooms. Timeless character has been carefully preserved throughout, highlighted by 3 impressive, arched bay windows, original maple floors, elegant antique chandeliers, and well-designed closet, laundry, and storage spaces. At the rear of the original building, well-separated from the main home, four one-bedroom rental units have their own heat pumps. Some have recent updates, including refreshed flooring and bathrooms, providing comfortable, attractive living spaces for tenants. This versatile property offers multiple possibilities: enjoy an expansive owner-occupied residence with additional income, along with the the option to re-integrate one or more units for additional living space, or maintain the current 5-unit rental configuration as a turn-key income-producing investment. With a proven track record of long-standing rental income and Air BNB success, low operating costs, low vacancy and stable tenancy, much of the heavy lifting has already been completed, making this a seamless transition for the next owner. A rare opportunity in one of Nova Scotia?s most charming waterfront towns near the Bay of Fundy- this property is truly a must see for the buyer seeking character, flexibility, and strong income potential.