2859 Cheryl Street Rare waterfront opportunity in the heart of iconic Matlacha, offering a true multi-generational floor plan with a full mother-in-law suite, all situated on two spacious lots with exceptional features throughout. With 128 feet of waterfront and direct Gulf access, the property includes a 7, 000 lb covered boat lift with fish-cleaning station and a 2017 saltwater solar-heated pool with tanning ledge. The home provides two distinct living spaces-a 2-bedroom, 1-bath unit and a 1-bedroom, 1-bath mother-in-law suite-connected by a double-keyed interior door while still offering private exterior entrances, paved driveways, and covered parking. Interior features include two full kitchens with upgraded appliances and modern countertops, impact-resistant windows and doors, a shared enclosed lanai and pool area with individual sliding-door access, a common laundry room, and a large storage room. The home enjoys desirable southern exposure on the pool side, offering excellent natural light throughout the day. Outdoor highlights include a fully fenced yard with double gate, an RV-ready side yard with electrical hookups, and a 2020 roof. Beautiful canal views are preserved from both units, enhancing the appeal of both living spaces. *Transferable Flood Insurance Policy This property also offers outstanding rental flexibility and strong investment potential. The 1-bedroom suite is ideal for annual rentals, short-term rentals, or Airbnb, and both units can be rented separately for maximum income. The layout is perfectly suited for multi-generational living or conversion to a single-family home with a private mother-in-law suite. Just minutes from your boat lift to Matlacha Pass, this exceptionally maintained property provides unmatched access to world-class fishing, boating, and the vibrant island lifestyle.