About 516 W Walnut St
Income-producing triplex in Lancaster City's desirable Chestnut Hill neighborhood, offering immediate value-add potential. With all units currently vacant, investors have the rare opportunity to lease at current market rents without waiting for tenant turnover, while owner-occupants can live in one unit and generate income from the remaining two. The property features three residential units, separate electric meters, and separate water meters, providing flexibility for utility management and tenant billing. The vacant status allows a new owner to renovate as desired, reposition the asset, and maximize rental income from day one. Conveniently located just minutes from Downtown Lancaster, Penn Square, Franklin & Marshall College, restaurants, shopping, public transportation, and major commuter routes, the property is well positioned in an area with strong and consistent rental demand. Whether you're expanding your investment portfolio, completing a value-add renovation, or looking for a house-hack opportunity, 516 W. Walnut Street offers the location, layout, and upside to create long-term value.
Features of 516 W Walnut St
| MLS® # | PALA2092474 |
|---|---|
| Price | $375,000 |
| Bathrooms | 0.00 |
| Square Footage | 1,904 |
| Acres | 0.08 |
| Year Built | 1900 |
| Type | Multi-Family |
| Sub-Type | Triplex,Detached |
| Style | Traditional |
| Status | Pending |
Community Information
| Address | 516 W Walnut St |
|---|---|
| Area | Lancaster City |
| Subdivision | CHESTNUT HILL |
| City | LANCASTER |
| County | LANCASTER-PA |
| State | PA |
| Zip Code | 17603 |
| Senior Community | N |
Amenities
| Amenities | Attic, Cedar Closet(s), Wood Floors |
|---|---|
| Utilities | Electric Available, Phone Available, Cable TV Available, Water Available |
| Parking Type | On Street |
| Parking | Public, Free |
| View | City, Street |
| Is Waterfront | No |
| Pool Type | No Pool |
Interior
| Interior Features | Floor Plan - Traditional |
|---|---|
| Appliances | Dishwasher, Exhaust Fan, Microwave, Oven/Range - Electric, Refrigerator, Stove, Water Heater, Water Heater - Tankless |
| Heating | Radiator, Baseboard - Electric |
| Cooling | Ceiling Fan(s), Window Unit(s) |
| Fireplace | No |
| # of Stories | 3 |
| Has Basement | Yes |
| Basement | Outside Entrance, Sump Pump, Unfinished |
| Central Air | N |
Exterior
| Exterior | Frame, Metal Siding |
|---|---|
| Exterior Features | Fire Escape,Porch(es),Brick |
| Style | Traditional |
| Roof | Composite, Shingle |
| Construction | Frame, Metal Siding |
| New Construction | N |
| Foundation | Stone, Concrete Perimeter |
School Information
| District | SCHOOL DISTRICT OF LANCASTER |
|---|
Additional Information
| Date Listed | August 6th, 2026 |
|---|---|
| Days on Market | 22 |
| Zoning | R3- MEDIUM DENSITY |
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Office | Berkshire Hathaway HomeServices Homesale Realty |
|---|---|
| Contact Info | (800) 383-3535 |