First time on the market in 50 years! Want to enjoy your house on the ocean all summer AND have plenty of rental income? Here it is! ''Magnolia'' is a timeless property with well over a century of history at the seacoast. The sprawling main house offers seven bedrooms, three baths, multiple decks, a fabulous wrap around covered porch and ocean views for miles! The separate, free standing carriage house is very unique for the location and was converted to living space and now it is a perfect spot for guests and extended family to have their own space with their own kitchen, living room, full bath and huge loft area with one bedroom and additional sleeping quarters or den. The large lot lends itself to ample parking for several cars and a beautiful backyard. There is also a tranquil pond on the abutting property to the rear offering an array of birds and other wildlife. Popular Crescent Beach is just a five-minute walk. Stroll 15 minutes in the other direction to the sands of Moody Beach. Once on the beach at Moody you can walk all the way to Ogunquit. The location can't be beat. You do not have to go far for anything to do with lobster as the Wells Beach Lobster Pound is just a few minute walk from the property. Just a ten minute walk to the arcade at Wells Beach and several eateries and dining opportunities. If you are looking for an investment property the options are limitless. Stay in the carriage house and rent the main house or vice versa or rent both for the peak weeks and enjoy in the off season. Just 20 minutes to the Kennebunks and only a few miles to Ogunquit Square. The working waterfront cities of Portland and Portsmouth are 45 minutes away or less. Fine and causal dining, golf, boating and other recreation are all just minutes away. Come and take a look at this historic property across the street from the water at idyllic Fisherman's Cove!