516 E LANCASTER AVE Active Save Request In-Person Tour Request Virtual Tour
Downingtown,PA 19335
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 2,800 sqft
Price per Sqft $176
Subdivision Downingtown
MLS Listing ID PACT2100588
Year Built 1924
Annual Tax Amount $5,702
Tax Year 2024
Lot Size 8,700 Sqft
Property Sub-Type Mixed Use
Property Description
Versatile Investment Property in Prime Downingtown Borough Location. If you're looking for a unique investment opportunity with both character and income potential, 516 E Lancaster Ave delivers. This 2,800+ SF Craftsman-style property is ideally situated in the Downingtown Borough, offering high visibility, flexible R4 zoning, and multiple revenue-generating possibilities. The layout is designed for versatility: the first floor features three rooms, a kitchen, and a full bath—ideal for professional office space, a small business, or residential rental. The second floor includes five additional rooms and another full bath, making it well-suited for a single home rental, business suites, or expanded workspace. Recent updates include new luxury vinyl plank flooring, upgraded lighting, two composite decks one one each level, and a striking stone fireplace as the focal point of the first-floor main room. A standout feature is the separate 700 SF unit on the lower level, complete with its own private entrance. This flexible rental space is ideal for a small business, private office, or conversion into a 1-bedroom, 1-bath efficiency apartment. In addition, the walk-out basement includes plenty of storage area. The rear of the property offers eight off-street parking spaces and a stone-covered area for overflow or guest parking—an essential feature for multi-family/tenant use. Whether you're an investor seeking multiple income streams, an entrepreneur looking for a live-work setup, or a buyer interested in combining personal residence with business use, this property offers exceptional flexibility. Located just steps from Downingtown Borough's shops, restaurants, and train station, and minutes from Routes 30, 100, and 202—this is a rare opportunity to own a character-filled property in a high-demand location. Within walking distance from vibrant Downingtown Borough, major shopping centers, restaurants, and small businesses, this property offers high visibility and easy access. Minutes from major routes (30, 100 & 202), this property is a rare opportunity with flexibility, location, and charm—all in one. Flexible, functional, and full of potential—schedule your private showing today.
Location
State PA
County Chester
Area Downingtown Boro (10311)
Zoning R4
Interior
Hot Water Electric
Heating Hot Water,Baseboard - Electric
Cooling Window Unit(s)
Flooring Ceramic Tile,Hardwood,Partially Carpeted,Luxury Vinyl Plank
Inclusions Window AC units, kitchen refrigerator
Exterior
Garage Spaces 8.0
Water Access N
View Garden/Lawn,Street
Roof Type Shingle
Building
Lot Description Level,Front Yard
Foundation Brick/Mortar,Stone
Sewer Public Sewer
Water Public
New Construction N
Schools
Elementary Schools East Ward
Middle Schools Lionville
High Schools Downingtown High School East Campus
School District Downingtown Area
Others
Acceptable Financing Cash,Conventional,FHA,VA
Listing Terms Cash,Conventional,FHA,VA
Special Listing Condition Standard