Outstanding investment opportunity in the Village of Elk Rapids. This well-maintained 1,670 sq. ft. multi-use commercial property offers high visibility in a strong traffic corridor with municipal water/sewer, paved parking, and energy-efficient systems, including natural gas forced air heat and central air. This property is ideal for office, retail, or a live-work setup, all within walking distance to schools, the grocery store, golf course, and downtown waterfront attractions. The front unit is approximately 1,120 sq. ft. and features 3 bedrooms, 1 bath, and in-unit laundry. It can be used commercially or residentially, creating numerous income strategies for an owner-operator or investor. The back unit is a fully furnished 550 sq. ft. efficiency apartment with 1 bedroom, 3/4 bath, kitchen, and its own washer and dryer. This unit includes an existing short-term rental permit, making it immediately ready for STR income, or it may be used as a long-term rental. Both units can also be reconnected if a future buyer prefers a single-family home layout. There are plenty of parking with 10 paved spaces, plus a partially fenced outdoor space in the backyard. The home is both stick-built and BOCA. It has a beautifully landscaped yard with a sprinkler system and drip lines in the flower beds. Proximity to multiple recreation areas adds more appeal: Elk Lake's Rotary Park and boat launch are just one mile south, Damn Beach and East Bay are a mile west with over 1,100 ft. of sandy shoreline, and Bass Lake is one mile north for fishing and outdoor enjoyment. Live, work, rent, or operate -- this versatile investment in a desirable Lake Michigan community checks all the boxes.