501 Wabash Ave is an extraordinary property located in the heart of Chesterton, Indiana. This versatile space offers numerous possibilities: Generational living? Absolutely. Income-producing potential? Yes. A stunning open-concept home with an apartment and guest suite for visiting family and friends? Definitely. Spanning 4,400 square feet, this property is as adaptable as it is distinctive. The main living area features beautiful hardwood floors, an expansive open layout perfect for entertaining and relaxation, four well-sized bedrooms, and a luxurious custom-built shower in the main bathroom. The kitchen, renovated in Spring 2026, is a chef's paradise, featuring new countertops, stainless steel appliances, a pot filler and plenty of cabinetry to accommodate all your cooking essentials. Additionally, there are two more bedrooms, a full bathroom, and another kitchen, dining and living room adjacent to the main area with brand new flooring. This area can function as space for multi-generational living or be easily separated to create two distinct spaces. But that's not all! Above the three-car garage, you will discover a three-bedroom, one-bathroom apartment with modern flooring, recessed lighting, its own entrance, and a private deck perfect for enjoying the outdoors. This hidden gem is situated within the award-winning Duneland School District, just a leisurely stroll from the Chesterton European Market, minutes from the beach and State & National Parks, and conveniently close to fantastic local amenities. Plus, it's just a short drive to Chicago. Don't wait or hesitate--schedule your showing today and make this versatile and delightful home yours!