516 E Lancaster Ave
Downingtown, PA 19335
- 6 Beds
- 3 Baths
- 2,824 sqft
6 Beds
3 Baths
2,824 sqft
Local Information
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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.
This property is off market, which means it's not currently listed for sale or rent on Trulia. This may be different from what's available on other websites or public sources. This description is from September 04, 2025
Home Highlights
Parking
8 Parking Spaces
Outdoor
Porch, Deck
A/C
Heating & Cooling
HOA
None
Price/Sqft
$175/sqft
Listed
180+ days ago
Home Details for 516 E Lancaster Ave
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Interior Details Basement: Exterior Entry,Rear Entrance,Walk-Out Access,OtherNumber of Rooms: 11Types of Rooms: Basement |
Beds & Baths Number of Bedrooms: 6Number of Bathrooms: 3 |
Dimensions and Layout Living Area: 2824 Square Feet |
Appliances & Utilities Appliances: Refrigerator, Dishwasher, Oven/Range - Electric, Electric Water HeaterDishwasherRefrigerator |
Heating & Cooling Heating: Hot Water,Baseboard,Electric,Natural GasHas CoolingAir Conditioning: Window Unit(s),ElectricHas HeatingHeating Fuel: Hot Water |
Fireplace & Spa Number of Fireplaces: 1Has a Fireplace |
Gas & Electric Electric: 200+ Amp Service |
Windows, Doors, Floors & Walls Window: Replacement, Screens, Double Hung, Energy EfficientDoor: French DoorsFlooring: Ceramic Tile, Hardwood, Carpet, Luxury Vinyl, Wood |
Levels, Entrance, & Accessibility Accessibility: NoneFloors: Ceramic Tile, Hardwood, Carpet, Luxury Vinyl, Wood |
View Has a ViewView: Garden, Street |
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Exterior Home Features Roof: ShinglePatio / Porch: Porch, DeckOther Structures: Above Grade, Below GradeExterior: Sidewalks, Street Lights, LightingFoundation: Brick/Mortar, StoneNo Private Pool |
Parking & Garage No CarportNo GarageNo Attached GarageParking Spaces: 8Parking: Paved,Crushed Stone,Parking Lot,Off Street |
Pool Pool: None |
Frontage Not on Waterfront |
Water & Sewer Sewer: Public Sewer |
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Year Built Year Built: 1924 |
Property Type / Style Property Type: Residential IncomeProperty Subtype: Multi FamilyStructure Type: DetachedArchitecture: Craftsman |
Building Construction Materials: Frame, MasonryNot a New Construction |
Property Information Condition: Very GoodNot Included in Sale: Washers And DryersIncluded in Sale: Window Ac Units, Kitchen RefrigeratorParcel Number: 1105 0045 |
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Price List Price: $495,000Price Per Sqft: $175/sqft |
Status Change & Dates Off Market Date: Thu Sep 04 2025Possession Timing: 0-30 Days CD, 31-60 Days CD |
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MLS Status: CLOSED |
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Direction & Address City: DOWNINGTOWNCommunity: Downingtown |
School Information Elementary School: East WardElementary School District: Downingtown AreaJr High / Middle School: LionvilleJr High / Middle School District: Downingtown AreaHigh School: Downingtown High School East CampusHigh School District: Downingtown Area |
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Building Area Building Area: 2824 Square Feet |
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Number Of Vacant Units: 2 |
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Lot Area: 8700 sqft |
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Special Conditions: Standard |
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Contingencies: Financing Approval, Appraisal, Home InspectionListing Agreement Type: Exclusive Right To SellListing Terms: Cash, Conventional, FHA, VA Loan |
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Business Information Ownership: Fee Simple |
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BasementMls Number: PACT2101916Municipality: DOWNINGTOWN BORO |
Last check for updates: about 2 hours ago
Listed by Andrea Napoli, (610) 405-8326
Keller Williams Real Estate - West Chester
Bought with: Paul Graci, (484) 888-6933, Coldwell Banker Realty
Source: Bright MLS, MLS#PACT2101916

Price History for 516 E Lancaster Ave
| Date | Price | Event | Source |
|---|---|---|---|
| 11/26/2025 | $2,975 | ListingRemoved | Bright MLS #PACT2110580 |
| 10/19/2025 | $2,975 | PriceChange | Bright MLS #PACT2110580 |
| 10/13/2025 | $3,100 | PriceChange | Bright MLS #PACT2110580 |
| 10/06/2025 | $3,200 | PriceChange | Bright MLS #PACT2110580 |
| 10/02/2025 | $2,950 | PriceChange | Bright MLS #PACT2110580 |
| 09/30/2025 | $3,200 | Listed For Rent | Bright MLS #PACT2110580 |
| 09/03/2025 | $495,000 | Sold | Bright MLS #PACT2101916 |
| 07/23/2025 | $495,000 | Pending | Bright MLS #PACT2101916 |
| 06/29/2025 | $495,000 | Contingent | Bright MLS #PACT2099918 |
| 06/18/2025 | $495,000 | PriceChange | Bright MLS #PACT2099918 |
| 06/05/2025 | $515,000 | Listed For Sale | Bright MLS #PACT2099918 |
| 10/12/2005 | $310,000 | Sold | N/A |
| 03/25/2004 | $169,000 | Sold | N/A |
| 10/17/2002 | $163,000 | Sold | N/A |
Property Tax and Assessment
| Year | 2025 |
|---|---|
| Tax | $5,702 |
| Assessment | $128,070 |
Home facts updated by county records
Comparable Sales for 516 E Lancaster Ave
Address | Distance | Property Type | Sold Price | Sold Date | Bed | Bath | Sqft |
|---|---|---|---|---|---|---|---|
0.54 | Multi-Family Home | $444,725 | 04/24/26 | 4 | 4 | 2,400 | |
1.12 | Multi-Family Home | $500,000 | 12/30/25 | 4 | - | 1,920 | |
3.88 | Multi-Family Home | $585,000 | 08/18/25 | 5 | 3 | 2,496 | |
5.66 | Multi-Family Home | $550,000 | 05/14/26 | 4 | - | 1,826 | |
5.14 | Multi-Family Home | $985,000 | 06/05/25 | 6 | - | 5,858 | |
5.95 | Multi-Family Home | $640,000 | 08/07/25 | 5 | - | 2,472 | |
6.05 | Multi-Family Home | $545,000 | 02/05/26 | 2 | 2 | 1,562 |
Nearby homes
Get a sense of prices in the area by checking nearby homes.Assigned Schools
These are the assigned schools for 516 E Lancaster Ave.
What Locals Say about Downingtown
At least 313 Trulia users voted on each feature.
92 % Say car is needed
88 % Say it's dog friendly
87 % Say parking is easy
83 % Say there's holiday spirit
81 % Say yards are well-kept
77 % Say kids play outside
77 % Say people would walk alone at night
67 % Say neighbors are friendly
67 % Say it's quiet
66 % Say there are sidewalks
61 % Say there's wildlife
60 % Say they plan to stay for at least 5 years
49 % Say there are community events
48 % Say streets are well-lit
46 % Say it's walkable to restaurants
33 % Say it's walkable to grocery stores
Sourced by Trulia users. Learn more about our methodology.
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Homes for sale near 516 E Lancaster Ave
Off Market Homes Near 516 E Lancaster Ave

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms, and is provided by BRIGHT through a licensing agreement.
Listing information is from various brokers who participate in the Bright MLS IDX program and not all listings may be visible on the site.
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Homes for rent near 516 E Lancaster Ave
516 E Lancaster Ave, Downingtown, PA 19335 is a 6 bedroom, 3 bathroom, 2,824 sqft multi-family built in 1924. This property is not currently available for sale. 516 E Lancaster Ave was last sold on Sep 3, 2025 for $495,000 (0% higher than the asking price of $495,000). The current Trulia Estimate for 516 E Lancaster Ave is $506,700.

