Discover the perfect mix of development potential and historic character in this updated 1925 two-story home in downtown Kelowna. Zoned MF1 with rear lane access and designated Core Area – Neighbourhood in the 2040 OCP, the property offers excellent opportunities for multi-unit infill. Listed on the City of Kelowna’s Heritage Register but not designated, the home allows flexibility for future projects while opening doors to heritage grants or a Heritage Revitalization Agreement for uses such as office space or a bed and breakfast. The 1,930 sq. ft. home features 4 bedrooms, 2.5 bathrooms, and a thoughtful mix of original details and modern upgrades. Heritage charm includes exposed brick accents, corbelled chimneys, and hardwood floors, while updates feature a renovated kitchen with custom cabinetry, stainless steel appliances, and a cozy brick breakfast nook. The main-floor primary suite offers a newly updated ensuite, with additional living space highlighted by an open-concept dining/living area and fireplace. Recent mechanical upgrades include a newer furnace, air conditioning system, offering peace of mind for years to come. The fully fenced yard includes mature landscaping, raised garden beds, and a revitalized patio, plus four off-street parking spaces and a detached garage. Steps from downtown’s shops, restaurants, and the waterfront, this is a rare offering for a strong rental property or a family residence, and future redevelopment site. $52,100 under assessed value.