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 heart of 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 bathideal 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 parkingan 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 Boroughs shops, restaurants, and train station, and minutes from Routes 30, 100, and 202this 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 charmall in one. Flexible, functional, and full of potentialschedule your private showing today.