ICWW front multifamily with adjacent vacant lot located a close to public beach access. Residence includes TWO separate 3-bed 2-bath units (2670 sqft combined), plus an additional boathouse with full bath and kitchenette; boathouse and both units are separately metered. Duplex units provide expanded options for owner occupancy, long and short-term rental income; boathouse offers a studio for visiting owners when duplex units are occupied. Currently: upper unit is rented weekly, lower unit is rented monthly and boathouse is used by visiting owner and guests. The residence water structures including three slips, deck, gazebo and boathouse are all authorized installations under grandfathered status, extreme duty concrete bulkhead and piling reinforcements are in place to preserve future rights. The lot has 2 slips and rare privately owned boat ramp with full concrete approach + good water depth, ramp was reinforced with substantial poured concrete just before legal restrictions. For commercial fishermen & dive enthusiast, boathouse is equipped with 3-phase electric suitable for commercial grade equipment & high demand vessels. Proactive updates including roof replacement, new windows, damage resistant tile and concrete floors, etc; the boathouse roof & structural elements have been recently updated to the extent allowed by grandfathered status (<50%). With many of the core systems updated, the new owners can concentrate on interior & decor preferences. 707 Canal has more dry land area than many lots on Canal, a rare benefit. Residence & vacant lot parcels are zoned R-1 that permits single family and two family structures. The properties combine to offer a truly unique opportunity for owner occupancy, income and future development.