Bought with Paul Graci • Coldwell Banker Realty
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516 E LANCASTER AVE Downingtown, PA 19335
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Key Details
Sold Price $495,000
Property Type Multi-Family
Sub Type Detached
Listing Status Sold
Purchase Type For Sale
Square Footage 8,700 sqft
Price per Sqft $56
Subdivision Downingtown
MLS Listing ID PACT2101916
Sold Date 09/03/25
Style Craftsman
Year Built 1924
Annual Tax Amount $5,702
Tax Year 2024
Lot Size 8,700 Sqft
Acres 0.2
Lot Dimensions 0.00 x 0.00
Property Sub-Type Detached
Source BRIGHT
Property Description
Looking for a high-potential investment property in a prime location? This Craftsman-style residence in the Downingtown Borough is a unique opportunity for multi-family investors. Zoned R4 and offering flexible use, the property includes two rentable spaces, making it ideal for a full investment conversion or a mixed-use portfolio asset. The main structure includes a 5-bedroom, 2-bath unit full of charm and historic character—ideal for long-term or short-term rental. A separate 700SF space with a private entrance can function as a 1-bed, 1-bath efficiency rental or a small business unit. Additional features include eight off-street parking spaces, a stone-covered rear yard (which could be converted to additional parking, green space, or tenant recreation), and multiple decks that enhance livability and appeal. French doors open to a private deck off the office space, and the primary bedroom office includes a second deck, perfect for work-from-home renters. Located within walking distance to Downingtown Borough's shops, dining, and parks, and just minutes to Routes 30, 100, and 202, this property is also in the top-rated Downingtown Area School District—an added draw for quality tenants. With its flexible zoning, strong rental history, and desirable location, this is a rare multi-family investment opportunity with built-in value and future upside.
Location
State PA
County Chester
Area Downingtown Boro (10311)
Zoning R4
Rooms
Basement Outside Entrance, Rear Entrance, Walkout Level, Other
Interior
Interior Features Attic, Bathroom - Tub Shower, Bathroom - Stall Shower, Breakfast Area, Carpet, Ceiling Fan(s), Floor Plan - Traditional, Formal/Separate Dining Room, Store/Office, Wood Floors, Efficiency, Other
Hot Water Electric
Heating Hot Water, Baseboard - Electric
Cooling Window Unit(s)
Flooring Ceramic Tile, Hardwood, Partially Carpeted, Luxury Vinyl Plank
Fireplaces Number 1
Equipment Refrigerator, Dishwasher, Oven/Range - Electric
Fireplace Y
Window Features Replacement,Screens,Double Hung,Energy Efficient
Appliance Refrigerator, Dishwasher, Oven/Range - Electric
Heat Source Electric, Natural Gas
Exterior
Exterior Feature Porch(es), Deck(s)
Garage Spaces 8.0
Water Access N
View Garden/Lawn, Street
Roof Type Shingle
Accessibility None
Porch Porch(es), Deck(s)
Total Parking Spaces 8
Garage N
Building
Lot Description Level, Front Yard
Foundation Brick/Mortar, Stone
Sewer Public Sewer
Water Public
Architectural Style Craftsman
Additional Building Above Grade, Below Grade
Structure Type Plaster Walls
New Construction N
Schools
Elementary Schools East Ward
Middle Schools Lionville
High Schools Downingtown High School East Campus
School District Downingtown Area
Others
Tax ID 11-05 -0045
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash, Conventional, FHA, VA
Listing Terms Cash, Conventional, FHA, VA
Financing Cash,Conventional,FHA,VA
Special Listing Condition Standard
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