322 N Iowa Street offers a rare combination of space, flexibility, and income potential in downtown Gunnison. Set on four city lots, the property includes a 4-bedroom, 3-bath main residence, a separate 2-bedroom apartment, a 1,470 sq ft heated garage/shop, a private fenced backyard, and alley access. The main home has a comfortable, functional layout with a dining area, den, mudroom entry, and ample storage. Built in 1940 with solid 9-inch aggregate exterior walls, it retains much of its original character while incorporating practical updates, including Andersen windows installed in 2020, new kitchen appliances, and three layers of attic insulation. The home is move-in ready, and an attached 240 sq ft garage works well as a bike and ski shop or parking for a small car. The lower level is a separate 2-bedroom, 1-bath apartment with a strong rental history and estimated rent of approximately $1,400/month, plus approximately 400 sq ft of additional basement storage for skis, bikes, tools, seasonal gear, or tenant use. For buyers seeking a Gunnison investment property or a primary residence with rental income to offset costs, the apartment adds real flexibility. A standout feature is the detached 1,470 sq ft heated and insulated garage/shop, built in 2010, with 10.5-foot ceilings, large door access, alley entry, and a new vehicle lift, well suited for vehicles, a workshop, snowmobiles, motorcycles, and mountain recreation equipment. The fenced backyard provides a private outdoor setting that is hard to find in town. Professionally landscaped in 2022, it features in-ground sprinklers, irrigated flower beds, raised garden beds, mature plantings, a large red flagstone patio, a small greenhouse, and a storage shed, and the front yard has access to Gunnison ditch irrigation water. Restaurants, coffee shops, groceries, and everyday services are within easy reach, with Western Colorado University approximately two blocks away and Gunnison Valley Health roughly three. The main residence, apartment, and garage have each been rented previously, giving the property several viable paths: primary residence, income property, live/work setup, or long-term hold. Seller financing may be available to qualified buyers. Contact listing agent for details.