Amazing opportunity to own a Lake Winnipesaukee waterfront property in sought-after Gilford, offering exceptional flexibility, grandfathered features, and endless potential at an attractive price. With 61 feet of level waterfront in protected Smith Cove, this unique property combines the charm of a classic lakefront retreat with redevelopment possibilities. The shoreline features a charming 1925 laker-style boathouse, two 25-foot docks, protected no-wake waters, and easy access to the Broads, while western exposure provide beautiful sunsets over the lake. The property includes two separate cottages totaling approximately 2,000 square feet, along with a detached auto-open one-car garage, wood shed, and an additional outbuilding featuring a fun pirate-themed playhouse. The waterfront cottage, originally built in 1898, offers three lake-facing bedrooms, two bathrooms, a fully applianced kitchen, a cozy wood-burning fireplace, and a stackable washer and dryer. The roadside cottage, built in 1962, has been partially renovated and is configured for two bedrooms, each with its own ensuite bath, plus an open-concept kitchen and dining area with two wood-burning fireplaces. The availability of public sewer provides tremendous flexibility for future redevelopment and expanded bedroom capacity. The property was previously condoized, presenting an additional opportunity for buyers to explore future possibilities, subject to town approvals. The property is also wired for a whole-house generator. Located just minutes from BankNH Pavilion, Gunstock Mountain Resort, marinas, restaurants, shopping, and year-round recreation, this is a rare chance to create a one-of-a-kind Lake Winnipesaukee compound, vacation getaway, or investment property.