Step into a rare investment opportunity in the historic Alkali Flat neighborhood with this Colonial Revival triplex part of the historic registry full of character, flexibility, and income potential. Ideal for an owner-occupant or investor, this unique property offers three separate units, each with its own private entrance. Unit A features 2 bedrooms and 1 bathroom with laminate flooring throughout, an open concept living and dining area, abundant natural light, generous kitchen storage, and laundry. The main residence, Unit B, makes a stunning first impression with a welcoming front porch leading into a formal interior showcasing a grand staircase, inlaid wood floors, high coved ceilings, and timeless period fixtures that capture the charm of turn-of-the-century architecture. This spacious unit offers 3 bedrooms and 3 full bathrooms with a layout that blends historic elegance with everyday functionality. Unit C is a bright and airy top-floor studio filled with natural sunlight, creating the perfect space for rental income, guests, or a private office retreat. Located near downtown Sacramento, dining, entertainment, and major commuter routes, this property offers the perfect combination of historic charm, versatility, and long-term potential. Enjoy property tax benefits from the California Mills Act.