Discover a RARE OPPORTUNITY in the heart of Lakewood—a historic, C.D. Hutsell-designed 1937 gem known as “El Rancheria,” thoughtfully updated while preserving its timeless character. This versatile property is currently configured as a 3-unit residence with 7 bedrooms, 5 bathrooms, and 3 full kitchens, along with 2 formal living rooms and 2 dining rooms. From a cozy 2 bedroom, with Murphy bed, to spacious 2- and 3-bedroom layouts, each unit offers unique charm, featuring original hardwood floors, cast stone fireplace mantels, elegant cabinetry, vaulted or cove ceilings, and expansive windows that fill the home with natural light. The second-floor unit includes a charming balcony with peek-a-boo views of White Rock Lake—perfect as a dining or morning coffee space. A separate, approx. +1,600 sq ft (per owner) two-story guest quarters adds flexibility with a modern kitchen, open-concept living room, built-in office, and 2 car garage. Outside, you'll find new privacy fencing, and lush landscaping—all contributing to incredible curb appeal. Located just one block west of White Rock Lake, this property sits on a prime corner lot at Delrose & Lakewood. With Neighborhood Services zoning, the possibilities are endless: convert to a single-family estate or continue as a charming rental investment. This historic Lakewood treasure is a one-of-a-kind opportunity to own a piece of East Dallas history. All three units are currently leased at 7303- Upper Unit $2,650, 7301- Lower Unit $2,850, and 7301- Back House $2,850 per month. The lower unit is leased through Fall 2025, while the upper and back units are leased through March and April 2026, respectively.