Zoned for both residential and commercial use, the historic P.O. Elzner Home is one of downtown Bastrops most versatile and recognizable properties. Located in the heart of town with direct access to the Colorado River and the Bastrop River Walk, this landmark offers a rare blend of history, character, and opportunity.Originally built with exceptional craftsmanship, the home was thoughtfully expanded in 19992000 for use as a bed and breakfast, creating a layout that easily supports residential living, boutique hospitality, professional office use, or a creative live-work setup. The property is ready for its next chapter, whether that is a private residence, short-term lodging, small event venue, studio space, or income-producing investment. The original portion of the home features longleaf pine floors, double-hung windows, a stained-glass front door, and gingerbread porch detailing. Three charming ensuite bedrooms provide privacy and flexibility, with furnishings conveying. The addition complements the historic structure with a spacious kitchen, inviting living area, and a generous primary suite. Downstairs, two large rooms, one with a full bath, offer even more options for guest accommodations, office space, studio use, or additional living areas. More than 1,000 sq. ft. of covered porches on two levels create exceptional outdoor living, perfect for morning coffee, evening gatherings, or simply enjoying views of the river. The property also includes two detached cottages. Cottage A, built in 1981, is a 680 square foot one-bedroom, one-bath retreat with a private deck. Cottage B, built in 1970, offers 444 square feet with a welcoming front porch. Set in walkable downtown Bastrop with unmatched access to nature, dining, and local businesses, this is a truly rare offering. Zoned residential and commercial, rich in history, and layered with possibility, the P.O. Elzner Home is ideal for buyers looking for something distinctive.