This expansive townhouse, located in the vibrant downtown area of Olhão, has been meticulously renovated according to the highest standards. With premium materials, it preserves the original charm of the property, featuring elegant details such as high ceilings and antique tiles carefully restored or reproduced. The property offers versatile living options: it can serve as a spacious family home with four bedrooms, two living rooms, two kitchens and two bathrooms, or it can be divided into two separate apartments with two bedrooms each, each with its own living room, kitchen, bathroom and two double bedrooms. The residence has two separate entrances and a third leading to a larger-than-average rooftop terrace with a charming watchtower (Mirador). From this vantage point, you can enjoy stunning views over the rooftops and the nearby ocean. Bathed in natural light through large double-glazed windows and adorned with high ceilings, this house is both airy and inviting. It can be used as a large family residence or as an investment property. The current owners have successfully used it for tourist rentals, generating substantial annual income and receiving high online customer ratings, a lucrative opportunity that can be continued by the new owner. Strategically located within walking distance of the fresh produce market, popular bars and top restaurants renowned for their seafood, as well as the ferry service to the islands of Armona, Culatra and Farol - each island offers miles of golden sandy beaches, lively bars and refined dining options. The train station is also easily accessible and the airport is just a twenty-minute drive away, with convenient access to all major roads. Recent Updates: The building has undergone a comprehensive rehabilitation, with significant improvements to technical systems and materials, enhancing overall energy performance and offering thermal and acoustic comfort. Windows: All windows have been replaced with high-performance thermal frames, custom-made by Master Raposa. Most frames are solid wood, complemented by a PVC sliding door on the upper floor. The frames incorporate SALAMANDER Brügmann profiles (originating from Germany) with low-emissivity double glazing (Low-E), providing: Reduced thermal transmission (Uw) Excellent air tightness Control of solar gains in summer and minimization of heat loss in winter Remarkable acoustic insulation Exterior walls: The traditional thick stone masonry walls, typical of the original construction from the 1920s, offer: High thermal inertia to stabilize interior temperatures Attenuation of daily and nightly thermal peaks Natural acoustic insulation Reduced air conditioning energy requirements The original exterior wall tiles were removed and reinstalled after insulation application. Ground floor and wet areas: Schlüter®-KERDI-BOARD panels, composed of an extruded polystyrene core (XPS), were integrated to serve as a robust substrate for coatings, thermal insulation and vapor barrier. Key characteristics include: Thermal conductivity (λ): 0.035 W/mK (DIN EN 12667), classifying the material as high-performance insulation. Vapor barrier function, which limits moisture and heat transfer. Complete water impermeability, preventing infiltration and material degradation. Dimensional stability, ensuring continuity of the building envelope. The installation of these panels significantly improves the hydrothermal performance of interior walls, particularly in wet areas, contributing to building durability and thermal comfort. Terraces and Outdoor Areas: All accessible terraces and outdoor spaces are covered with traditional Santa Catarina tiles, applied over an appropriate waterproofing system. This covering provides: High thermal inertia of the horizontal envelope Reduction of excessive heat gains Improvement of passive thermal performance in a Mediterranean climate Climate Control: The building is equipped with reversible air conditioning units (air-to-air heat pumps) in all bedrooms and living room/kitchen areas, offering: Efficient heating in winter Cooling during summer High seasonal efficiency Lower primary energy consumption associated with air conditioning Hot water: A solar thermal system, with panels installed on the roof and a designated storage system, ensures hot water availability. The masonry, stonework and structural elements have been carefully preserved and restored, maintaining the original thermal mass of the building. The exterior ceramic coating was restored and reinstalled in 2020, ensuring protection of the building envelope. The interior features handcrafted hydraulic tiles, a durable material known for its excellent thermal accumulation capacity and contribution to interior thermal stability. Summary: This property perfectly integrates thick stone walls, Schlüter®-KERDI-BOARD insulating panels (λ = 0.035 W/mK), high-performance frames, efficient air conditioning systems and solar energy for hot water production.