A rare offering along the heart of the Annapolis Royal waterfront. Situated directly in the vibrant commercial core, this versatile multi-use 3-unit building offers an unbeatable combination of reliable commercial and residential revenue with direct water access and boardwalk fronting. The main level features a thriving, inviting, and high-visibility retail storefront benefiting from steady downtown foot traffic. Tucked quietly behind on the main floor is a beautifully renovated 1-bedroom apartment boasting commanding basin views, a charming private garden space, and step-out access to the iconic boardwalk. Upstairs, a light-filled 2-bedroom residence showcases an expansive living area that opens seamlessly to a massive private deck - perfect for entertaining against a backdrop of panoramic tides and unforgettable maritime sunsets. Newly installed Marvin windows enhance the architectural appeal while offering energy efficiency, character and superior craftsmanship. Anchored by a solid concrete foundation with a dry basement, this cherished property offers turn-key performance, exceptional long-term versatility, and a signature address in one of Nova Scotia’s most historic coastal communities. Whether you're growing a portfolio, running a boutique business, or seeking an enviable coastal live/work lifestyle, this property delivers endless flexibility in a world-class location.