A rare opportunity to own a true "Waterfront Compound" in Milford featuring THREE legal dwellings in one lot with private beach access-offering immediate income potential and long-term redevelopment upside. Currently operated as short-term rentals with strong seasonal performance, this property is ideal for investors or buyers seeking to offset ownership costs. Set on a direct waterfront lot, the offering presents multiple paths: continue as an income-producing asset, create a multi-generational coastal retreat, or reimagine the site into a larger custom residence. The compound includes three separate structures totaling over 2,500 sq ft: a 1,100 sq ft waterfront home with 4 bedrooms, 2 baths, and an oversized patio overlooking the water; a 300 sq ft bungalow-style studio with potential to add a kitchen and bath; and a second 1,100 sq ft residence offering 3 bedrooms, 1.5 baths, and water views from the living room and primary bedroom. Ample on-site parking adds significant value-an uncommon feature for shoreline properties. Conceptual potential exists to redevelop while maintaining an additional dwelling. Buyers to perform their own research. Minutes to Milford's vibrant downtown, harbor, restaurants, and beaches.