Set in a desirable Colwood location with ocean & lagoon views, 131 Milburn Dr offers a spacious and flexible layout. Whether you choose to renovate the existing home or explore redevelopment possibilities, this property presents an exciting opportunity in a fantastic location. The bright main level features a generous living room with fireplace and large windows, a separate dining area, and an oversized kitchen with abundant cabinetry and an island. Sliding doors open to a patio where you can relax and enjoy the views. Three bedrooms are located on the main floor, including a primary bedroom with ensuite, plus an additional full bathroom. The lower level offers more versatility with a bedroom, flex room, kitchenette, living and dining areas, bathroom, laundry, workshop, and separate entry, making it well suited for extended family, guests, or additional living space. A carport, mature landscaping, and approximately 2,614 sq. ft. of finished living space complete this unique property.