51 Water Street is a distinctive three-story, mixed-use commercial building set directly on Ashland Creek in the heart of downtown Ashland, Oregon. Zoned C-1 (Retail Commercial) under the City of Ashland Land Use Ordinance, the property supports a flexible mix of restaurant, office, and retail/personal-service uses outright, with no conditional use permit required. Its distinctive octagonal architecture sets the building apart from downtown's typical rectangular storefronts, giving each floor a panoramic presence over the creek rather than a single flat storefront face. The building houses a proven mix of established tenants: The Blue Giraffe Day Spa, which has operated on-site since 2002 and has been voted Best Spa in Ashland for over a decade; professional offices occupying additional space within the building; and Beasy's on the Creek, a full-service seafood restaurant that has operated in the building since 1996, anchoring the top floor with an established commercial kitchen, full bar, and one of downtown's only dining rooms with direct creekside outdoor seating. The location itself is the property's greatest asset. 51 Water Street sits at the confluence of the Ashland Plaza, Calle Guanajuato, and the Ashland Creek walking path — one of the most concentrated pedestrian, tourism, and lodging nodes in Southern Oregon. The immediate area carries a 92/100 Walk Score ("Walker's Paradise," against a citywide average of 55) and roughly 262 hotel rooms across four properties within a few blocks, alongside direct proximity to the Oregon Shakespeare Festival campus, Lithia Park, and Ashland's Historic Downtown retail and restaurant core.