IN-TOWN FREDERICKSBURG COMPOUND | STR-PERMITTED GUEST SUITE | SUBDIVIDABLE LOT | WORKSHOP + 3-CAR COVERED PARKING. 601 Bell Street is one of those rare in-town Fredericksburg properties that has it all - historic charm, immediate income potential, multi-generational flexibility, and significant long-term land value, all on nearly half an acre just minutes from Main Street. The main residence commands attention from the street. This classic two-story 1935 home features a stunning wraparound upper balcony, soaring ceilings, and the kind of architectural character that simply cannot be replicated. With 5 bedrooms and 3 bathrooms across generous, light-filled living spaces, it functions beautifully as a primary residence, a long-term rental, or an owner-occupied investment property. Attached to the main house but completely self-contained with its own private exterior entrance - is a 920 sq ft, 1 bedroom, 1 bathroom guest suite featuring a full kitchenette and private living and dining areas. An active Short-Term Rental permit is in place, allowing a new owner to begin generating income immediately. With zero shared interior access, the main house and guest suite operate fully independently which is ideal for hosting guests, housing family, or running both as separate rentals simultaneously. Beyond the living spaces, a detached 288 sq ft workshop with an attached 3-car covered carport adds tremendous utility which is rare to find on an in-town lot. Whether used for classic car storage, a hobby workshop, a home business, or extra equipment, this structure alone sets the property apart from anything else available at this price point in Fredericksburg. Then there is the nearly half-acre lot; deep, level, and open with city approval for dividing into 2 lots if desired by a new owner. This is not speculative upside - the groundwork is done. A new owner can build, sell a parcel, or simply hold one of the last large sub-dividable lots inside the city limits. There is privacy fencing, a deck and patio, and mature trees round out the outdoor spaces, with plenty of room to add a pool, garden, or entertaining areas. This property sits within walking distance of the new Fredericksburg Racquet Club, opening May 2027 with 8 pickleball courts, 8 tennis courts, a clubhouse, and walking trails - an amenity that will only strengthen STR demand in this immediate area. Income. Land. History. Flexibility. 601 Bell Street is not a one-dimensional investment, it is a compound with options, in a market where opportunities like this simply do not come around often.