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For sale
    • Price cut: $24.9K (8/13)
    $375,000

    516 W Walnut St, Lancaster, PA 17603

    7beds
    3baths
    1,904sqft
    : 
    $2,459/mo
    Get pre-qualified
    Triplex
    Built in 1900
    -- sqft lot
    $363,300 Zestimate®
    $197/sqft
    $-- HOA

    What's special

    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.
    9 days
    |
    559
    |
    24
    |

    Zillow last checked:

    Listing updated:

    Listed by:

    Timothy Shreiner 717-560-8496,

    Berkshire Hathaway HomeServices Homesale Realty (800) 383-3535,

    Co-Listing Agent: George Zagas 717-286-9790,

    Berkshire Hathaway HomeServices Homesale Realty

    Source: Bright MLS,MLS#: PALA2092474MLS Logo

      Facts & features

      Interior

      Bedrooms & bathrooms
      • Bedrooms: 7
      • Bathrooms: 3
      Basement
      • Area: 0
      Heating
      • Radiator, Baseboard, Electric
      Cooling
      • Ceiling Fan(s), Window Unit(s), Electric
      Appliances
      • Included: Dishwasher, Exhaust Fan, Microwave, Oven/Range - Electric, Refrigerator, Cooktop, Water Heater, Tankless Water Heater, Electric Water Heater
      Features
      • Attic, Cedar Closet(s), Combination Dining/Living, Floor Plan - Traditional, Dry Wall
      • Flooring: Carpet, Ceramic Tile, Hardwood, Laminate, Wood
      • Basement: Exterior Entry,Sump Pump,Unfinished
      • Has fireplace: No
      Interior area
      • Total structure area: 1,904
      • Total interior livable area: 1,904 sqft

      Property

      Parking
      • Parking features: Public, Free, On Street
      • Has uncovered spaces: Yes
      Accessibility
      • Accessibility features: 2+ Access Exits
      Features
      • Patio & porch: Porch, Brick
      • Pool features: None
      • Has view: Yes
      • View description: City, Street
      Lot
      • Size: 3,485 Square Feet
      • Features: Downtown
      Details
      • Additional structures: Above Grade, Below Grade
      • Parcel number: 3359826000000
      • Zoning: R3- MEDIUM DENSITY
      • Zoning description: R3 - medium-density residential neighborhoods characterized by attached homes, multifamily dwellings, and smaller lots.
      • Special conditions: Standard

      Construction

      Type & style
      • Home type: MultiFamily
      • Architectural style: Traditional
      • Property subtype: Triplex
      Materials
      • Frame, Metal Siding, Masonry
      • Foundation: Stone, Concrete Perimeter
      • Roof: Composition,Shingle
      Condition
      • Average
      • New construction: No
      • Year built: 1900

      Utilities & green energy

      • Electric: 200+ Amp Service
      • Sewer: Public Sewer
      • Water: Public
      • Utilities for property: Electricity Available, Phone Available, Cable Available, Water Available

      Community & HOA

      Community
      • Security: Fire Escape
      • Subdivision: Chestnut Hill
      Location
      • Region: Lancaster
      • Municipality: LANCASTER CITY

      Financial & listing details

      • Price per square foot: $197/sqft
      • Tax assessed value: $230,400
      • Annual tax amount: $9,520
      • Date on market: 8/6/2026
      • Listing agreement: Exclusive Right To Sell
      • Listing terms: Cash,Conventional,1031 Exchange,FHA 203(k),FHA
      • Ownership: Fee Simple

        Estimated market value

        $363,300

        $345,000 - $381,000

        $1,413/mo

        Price history

        DateEventPrice
        8/13/2026Price change$375,000-6.2%$197/sqft
        Source: Bright MLS #PALA2092474 Report a problem
        8/6/2026Listed for sale$399,900$210/sqft
        Source: Bright MLS #PALA2092474 Report a problem

        Public tax history

        YearProperty taxesTax assessment
        2026$9,520 +3.3%$230,400
        2025$9,214 +1.1%$230,400
        2024$9,117 +1.7%$230,400
        2023$8,964 +4.3%$230,400
        2022$8,590 $230,400
        2021$8,590 +1180.8%$230,400
        2020$671 -91.9%$230,400
        2019$8,280 +1134.6%$230,400
        2018$671 -89.9%$230,400 +59.9%
        2017$6,619 +0.9%$144,100
        2016$6,558 +14.6%$144,100
        2015$5,724 $144,100
        2014$5,724 $144,100
        2012-- $144,100
        2011-- $144,100
        2010-- $144,100
        2009-- $144,100
        2007-- $144,100
        2006-- $144,100 +7.1%
        2004-- $134,500
        2003-- $134,500
        2002-- $134,500
        2000-- $134,500
        Find assessor info on the county website

        Monthly payment

        Est. payment

        Payment breakdown

        Explore the cost of this home by adjusting the details. Changes won't be saved.
        All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
        HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
        See how much you could borrow to make a competitive offer.
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        Climate risks

        Neighborhood: Chestnut Hill

        Getting around

        94 / 100
        Walker's Paradise
        78 / 100
        Very Bikeable

        Nearby schools

        GreatSchools rating
        Schools provided by the listing agent
        • District: School District Of Lancaster

        Source: Bright MLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.

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