Finally, an absolute MUST-SEE property with endless possibilities in an outstanding location! This two-building, 1.56-acre property consists of an adorable 1,300 square foot villa/casita with open concept 2-bedroom, 1 bathroom plus office/den floor plan. The second building is an exceptional 2,600 square foot commercial space that began as a residence and then, over the years, was converted to very successful businesses such as, the Country Kitchen Restaurant, the Villa Fontana Restaurant, the Hungry Gator Restaurant, ending with Spare Time Used Books and Gifts. Located outside the Town of Taos short-term rental limitation, you could lease/rent out both the residential villa/casita long or short term, and the commercial building could be a restaurant again, or a cannabis shop, gallery, retail shop, wedding venue, bookstore, coffee shop or any other business venture. Imagine outdoor seating along the water feature with Taos Mountain direct views in the background listening to a live band perform. Or, convert it back into another residence. This property has enough space for beautiful gardens and has irrigation ditch water rights. Live on the property or have options for income producing, and let it pay for itself. With easy access from State Highway 522, this property is easily seen, but sits far enough from the road for your privacy. Anyone traveling to Red River from Taos, or from Taos to Red River, would pass this property. The acreage allows for plenty of parking and an abundance of space for the gardening enthusiast, or your heart's desire. There is also a lighted exterior sign facing the main street just waiting for the buyer's new business name. There are so many options and opportunities with this property for the next buyer. This is perfect for the person who can think outside of the box. Enjoy the tranquility and direct, breathtaking views of the Taos Mountains! Located just minutes from the Taos Plaza, shopping, the Gorge Bridge, Taos Ski Valley and more! Let your Dreams become a Reality with this one! A home inspection of both buildings was recently completed, and the sellers have completed all repairs. In addition, the villa/casita has been entirely painted inside, including the tile floors, new range and range hood, new carpeting, new wood stove, new window coverings and updated electric. Seller has also installed new well pump and mechanicals, as it has its own well, including one of the nicest well houses in the Taos area, and a new gas meter in the second building. All updates and repairs have totaled over $30,000 in preparation for the new owners!