Backup offersTour
#PACT2103132, Michael A Richter, Listing office: Long & Foster Real Estate, Inc.
Property details
About 516 E Lancaster Ave
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.
Highlights
Home typeOther
HeatingHot Water, Baseboard
StatusAccepting Backup Offers
(ACTIVE UNDER CONTRACT)
(ACTIVE UNDER CONTRACT)
CoolingWindow Unit(s)
Size2,824 sqft
BasementYes
Lot size0.2 Acres
Year built1924
ParkingPaved Parking,Crushed Stone, Parking Lot,Off Street
MLS #PACT2101916
ViewGarden
Summary
- Appliances: Refrigerator, Dishwasher, Oven, Electric Range
- Basement: Yes
- Flooring Type: Ceramic Tile, Hardwood, Partially Carpeted, Luxury Vinyl Plank
- Interior: 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
- Parking: Paved Parking,Crushed Stone, Parking Lot,Off Street
- View: Garden
- Exterior: Sidewalks, Street Lights, Exterior Lighting
- Architectural Style: Craftsman
- Heating: Hot Water, Baseboard
- Cooling: Window Unit(s)
- List Price: $495,000
- Price/SqFt: $175
- Annual Tax Amount: $5,348
- Tax Year: 2024
- Lot: Level, Front Yard
- Directions: From Rte. 100, exit Rte. 30 (Lancaster Ave) to Wagner Ave, make a left and then next right onto to Sycamore Alley. Parking in rear.
- Year Built: 1924
- Living Area: 2,824 SqFt
- Municipality: Downingtown Boro
- Lot Size: 0.2 Acres
- MLS Number: PACT2101916
- MLS Name: BRIGHT
- Office Name: Keller Williams Real Estate - West Chester
- Office Phone: (610) 399-5100
- Office Email: klrw472@kw.com
- Listing Agent: Andrea Napoli
- Agent Phone: (610) 405-8326
- Agent Email: andrea.napoli@kw.com
Information Deemed Reliable But Not Guaranteed. 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 in which participates, and is provided by BRIGHT through a licensing agreement.
The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. This home sale information is not to be construed as an appraisal and may not be used as such for any purpose.
BRIGHT MLS is the (or a) provider of this home sale information and has compiled content from various sources. Some properties represented may not have actually sold due to reporting errors. ©2025 BrightMLS. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 7/16/2025, 5:45:29 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Price information
Property sales
| Date | Event | Price |
|---|---|---|
| Oct 12, 2005 | Home Sold | $310,000 |
| Mar 25, 2004 | Home Sold | $169,000 |
| Oct 17, 2002 | Home Sold | $163,000 |
Tax history
| Year | Assessment | Property Tax |
|---|---|---|
| 2024 | $128,070 | $5,348 |
| 2023 | $128,070 | $5,220 |
| 2022 | $128,070 | $5,113 |
| 2021 | $128,070 | $5,020 |
| 2020 | $128,070 | $5,020 |
| 2019 | $128,070 | $5,020 |
| 2018 | $128,070 | $5,020 |
| 2017 | $128,070 | $5,020 |
History based on county public records data.
Nearby schools
6
East Ward Elementary School
Public District KG-5
0.1 mi
•435 Washington Ave
5
Beaver Creek Elementary School
Public District KG-5
1.5 mi
•601 W Pennsylvania Ave
5
Uwchlan Hills Elementary School
Public District KG-5
1.7 mi
•50 Peck Rd
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $48,792. The most common annual income of people living in Downingtown, PA is between $35k-100k. The most common type of family is single, no kids. Most residents in this area have post secondary degree education.
How much money do the neighbors make?
31%
<35k
44%
35k-100k
20%
100k-200k
5%
200k+
What level of education do the neighbors have?
High School Diploma
Post Secondary Degree
Masters Degree
What types of families live nearby?
61%
Single, No Kids
8%
Single, with Kids
19%
Married, No Kids
12%
Married, with Kids
Are the neighbors home owners or renters?
Home Owners
Renters
How old are people in this area?
10%
<11 yrs old
6%
12-17 yrs old
28%
18-34 yrs old
40%
35-64 yrs old
16%
65+ yrs old
What do the neighbors do for fun?
Pro Boxing
Horse Races
Figure Skating
Where do the neighbors shop?
Burlington
Stein Mart
Chico's
Where do the neighbors go to eat?
Popeyes
LongHorn Steakhouse
Bob Evans
What do the neighbors drive?
Dodge
Buick
Oldsmobile
What do the neighbors listen to?
Urban Contemporary
Contemporary Inspirational
News
All data provided by Home Junction and Claritas
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Frequently asked questions
About 516 E Lancaster Ave
The listing price of 516 E Lancaster Ave property is $495,000.
The property 516 E Lancaster Ave is a house located in Downingtown, Pennsylvania, 19335.
Accepting Backup Offers: 516 E Lancaster Ave is Accepting Backup Offers (Active Under Contract), there is still a chance to have your real estate agent submit an offer.
The nearby schools for 516 E Lancaster Ave are: East Ward Elementary School (GreatSchools Rating 6/10), Beaver Creek Elementary School (GreatSchools Rating 5/10), Uwchlan Hills Elementary School (GreatSchools Rating 5/10), Downingtown Middle School (GreatSchools Rating 6/10), Lionville Middle School (GreatSchools Rating 6/10), E. N. Peirce Middle School (GreatSchools Rating 6/10), Downingtown STEM Academy (GreatSchools Rating 10/10), Downingtown High School West (GreatSchools Rating 7/10), Collegium Charter School (GreatSchools Rating 5/10).
According to the records, the last property tax for 2024 is $5,348 (source: MLS/based on county public records data).
The last sale was on October 12, 2005 for $310,000 (source: MLS/tax record).
The property at 516 E Lancaster Ave has 0 bathroom.
The property 516 E Lancaster Ave is 2,824 SqFt (source: MLS/tax record).
The year of construction for 516 E Lancaster Ave is 1924.
This home is located at 516 E Lancaster Ave in Downingtown, PA and zip code 19335. This 2,824 square foot home, which was built in 1924, sits on a 0.20 acre lot. Features: 0 bathroom. It has been listed on Rocket Homes since June 19, 2025 and is currently priced at $495,000.
The number of listings in Downingtown, PA increased by 78% between May and June 2025. Listings spent 45 days on the market in June 2025, and had a median list price of $575,000 during the same period.
From Rocket Homes Real Estate and based on county public records data.