Step into The Schoolmasters House, a beautifully preserved c.1818 residence that blends historic charm with modern comfort in the heart of Old Town Niagara-on-the-Lake. Set on a generous 144 x 104 ft lot with landscaped gardens and a tranquil fish pond, this multi-generational, multi-family home offers exceptional flexibility and income potential. With four bedrooms, three of which include private ensuites, and two additional full bathrooms, this former Bed and Breakfast is ideal for extended families or rental use. Several bedrooms feature private entrances, making them perfect for guests or short-term stays. Original wide-plank wood floors run throughout the home there is no carpet while four wood-burning fireplaces and a gas fireplace add warmth and character to every space. The main floor includes a spacious primary bedroom with ensuite, a second full bathroom with a deep soaker tub, laundry, and a large family room that also offers space for a home office or hobby area. The chefs kitchen is outfitted with a professional gas stove, abundant prep surfaces, and generous storage. Meals can be served in the formal dining room or enjoyed casually at the large island with breakfast bar. Upstairs, you'll find two additional ensuite bedrooms one with private stairs and an exterior entrance alongside a fourth bedroom, another full bath, and a cozy sitting area. The home also includes powered workshops, a garden shed, and a garbage shed. Major upgrades include a new cedar roof on the front (2021) and rear (2024), and updated furnace and central air in 2017. A heritage grant is available to assist with roofing on the addition along Gage Street. This is a rare opportunity to own a piece of Niagara-on-the-Lakes history, with timeless character and modern convenience just steps from the shops, dining, and charm of Old Town.