Uncover the endless potential of this captivating "multiple residences compound" nestled on the picturesque Penny Pond and Shinnecock Bay. Not only is there value in having a bulkhead, a dock and three separate structures, there is a building permit in place good until May 2025. The heavy lifting has already been done for you should you decide to make this property your own. The property comprises three distinct structures, boasting a total of four bedrooms and four bathrooms. Situated in a Resort Waterfront Business zone, there is ample opportunity to further leverage the potential of these residences. The main house features two bedrooms, including an en-suite with direct access to the waterfront deck, an additional full bathroom, two inviting living spaces - one adorned with a cozy fireplace - and a well-appointed kitchen and dining area that offers breathtaking water views. Not to be outdone, the main house also boasts two decks, one overlooking the property's interior and the other, a more expansive deck providing sweeping vistas of Penny Pond and Shinnecock Bay. The charming cottage is equally impressive, offering two bedrooms, a full bath, and its own deck that offers equally stunning bay views. Meanwhile, the two-car garage includes an upstairs studio, full bath, and kitchenette, making it an ideal space for a professional or artist to pursue their craft. Each of the three structures is equipped with its own separate utilities, ensuring convenience and independence. Ample parking and generous outdoor space further enhance the property's appeal, making it an ideal opportunity to generate rental income while still savoring the privacy and comfort of a single-family residence. (Rental permits are currently in place.) To top it off, the property features a private dock. What's more, there are existing plans and permits in place for the renovation of the structures and the addition of a pool, saving you the hassle of navigating the permit application process. Don't miss the chance to explore the many possibilities that this waterfront property has to offer.