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Listed by Andrea Napoli • Keller Williams Real Estate - West Chester

$495,000

Est. payment - /mo

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2,800 SqFt

Price Dropped by $20K

516 E LANCASTER AVE Downingtown, PA 19335

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Jonathan Greene

jonathan@trustgreene.com +1(973) 873-0734

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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

Acres 0.2

Lot Dimensions 0.00 x 0.00

Property Sub-Type Mixed Use

Source BRIGHT

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

Heat Source Electric, Natural Gas

Exterior

Garage Spaces 8.0

Water Access N

View Garden/Lawn, Street

Roof Type Shingle

Accessibility None

Total Parking Spaces 8

Garage N

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

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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Jonathan Greene

Team Leader | License ID: 1433604

+1(973) 873-0734

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516 E LANCASTER AVE Downingtown, PA 19335

Jonathan Greene

Key Details

Location

Interior

Exterior

Building

Schools

Others

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516 E LANCASTER AVE