165 Lake Street, Lancaster, OH 43130

$219,900
Property Type: Multi-Family Lot Size (sq. ft.): 6,970 Status: Active
Current Price: $219,900 List Date: 1/05/2026 Last Modified: 1/20/2026

Description

Premier Investment Opportunity: Income-Producing Duplex Unlock the potential of this versatile 1,523 sq. ft. duplex in a high-demand Lancaster location! Whether you are looking for a reliable addition to your portfolio or an 'owner-occupant' opportunity to live in one side and let the other pay your mortgage, this property delivers. This well-maintained two-unit building features a spacious layout designed for long-term tenant comfort: Unit 1 (First Floor): A generous 3-bedroom, 1-bathroom residence. Unit 2 (Second Floor): A cozy 1-bedroom, 1-bathroom unit. Amenities: Both units feature large living areas, kitchens equipped with refrigerators and stoves, and dedicated laundry hookups (tenant-owned washers/dryers). Utilities: Units are individually metered, and tenants pay all utilities. Financial Highlights Strong Cash Flow: Currently generating $1,795 per month in total rent. Tenant Mix: One unit is self-pay and the other is Section 8; both are currently on month-to-month leases. Growth Potential: Rents are currently below market value, offering immediate upside for the next owner. Seamless Transfer: All deposits will be credited to the buyer at closing. Exterior & Location Situated on an oversized lot with convenient alley access, the property offers rare flexibility. There is ample space to build a garage or additional outbuildings to further increase value. The location is unbeatable for tenants, sitting within easy walking distance of Mt. Pleasant Elementary, Rising Park, and the Fairfield County Fairgrounds. It is also just minutes from the shops, dining, and culture of Historic Downtown Lancaster. Showing Instructions Please do not disturb the tenants. All offers are to be curb offers only. The property will be made available for interior viewing once in contract for inspection purposes. Attention Agents: Please see ATA and the attached offer instructions document for further details.

Supplements: ********

More Information MLS# 226000230

Location & Property Info

List Price/SqFt: 144.39 City (Mailing Addr): Lancaster Corp LimitPerAuditor: Lancaster

Office/Contract Info

For Sale: Yes Exchange: No

General Property Info

Built Prior to 1978: Yes Off Street Parking Spaces: 2 Building Sqft: 1523 Lot Size (Side): 171 Use Code: 520 - 2-FAM DWELL:PLATTED LOT Number of Units: 2 Year Built: 1900 Acreage: 0.16

Tax Info

Mult Parcels/Sch Dis: No Tax Abatement: No Taxes (Yrly): 890 Tax Incentive: No Parcel #: 05-32095-400 Tax Year: 2024

Remarks & Misc

Property Description: Premier Investment Opportunity: Income-Producing Duplex Unlock the potential of this versatile 1,523 sq. ft. duplex in a high-demand Lancaster location! Whether you are looking for a reliable addition to your portfolio or an 'owner-occupant' opportunity to live in one side and let the other pay your mortgage, this property delivers. This well-maintained two-unit building features a spacious layout designed for long-term tenant comfort: Unit 1 (First Floor): A generous 3-bedroom, 1-bathroom residence. Unit 2 (Second Floor): A cozy 1-bedroom, 1-bathroom unit. Amenities: Both units feature large living areas, kitchens equipped with refrigerators and stoves, and dedicated laundry hookups (tenant-owned washers/dryers). Utilities: Units are individually metered, and tenants pay all utilities. Financial Highlights Strong Cash Flow: Currently generating $1,795 per month in total rent. Tenant Mix: One unit is self-pay and the other is Section 8; both are currently on month-to-month leases. Growth Potential: Rents are currently below market value, offering immediate upside for the next owner. Seamless Transfer: All deposits will be credited to the buyer at closing. Exterior & Location Situated on an oversized lot with convenient alley access, the property offers rare flexibility. There is ample space to build a garage or additional outbuildings to further increase value. The location is unbeatable for tenants, sitting within easy walking distance of Mt. Pleasant Elementary, Rising Park, and the Fairfield County Fairgrounds. It is also just minutes from the shops, dining, and culture of Historic Downtown Lancaster. Showing Instructions Please do not disturb the tenants. All offers are to be curb offers only. The property will be made available for interior viewing once in contract for inspection purposes. Attention Agents: Please see ATA and the attached offer instructions document for further details.

Income/Expenses

Gross Income: 21500 Net Operating Income: 0 Total Expenses: 0

Addl Acceptance Cond

None Known: 1

1 Bedroom

1 Bedroom # of Units: 1 1 Bedroom Month Rent Per Unit: 675

Construction

Vinyl Siding: 1

3 Bedroom

3 Bedroom # of Units: 1 3 Bedroom Month Rent Per Unit: 1120

Heat Fuel

Gas: 1

Water Source

Public: 1

Sewer

Public Sewer: 1

Services Available

Electricity Available: 1 Natural Gas Available: 1 Sewer Available: 1 Storm Sewer: 1 Water Available: 1

Miscellaneous

Basement: 1

Tenant Pays

Gas: 1 Sewer: 1 Trash Collection: 1 Water: 1 Electricity: 1

Alternate Uses

Residential: 1

Auction Info

Auction/Online Bidding Y/N: No

Heating

Forced Air: 1

New Financing

Conventional: 1

Air Conditioning

Central Air: 1

MLS Primary PhotoSrc

Realtor Provided: 1

Location Property Info

Original List Price: 225900 List Price: $219,900 Property Sub Type: Duplex Street #: 165 Street Name: Lake Street Suffix: Street County: Fairfield State: OH Zip Code: 43130 Subdiv/Cmplx/Comm: RAINEYS ADD School District: LANCASTER CSD 2305 FAI CO. Township: None

OfficeContract Info

Status: Active MLS Entry Date: 2026-01-05

Property Features

Addl Acceptance Cond: None Known Tenant Pays: Electricity; Gas; Sewer; Trash Collection; Water Heat Fuel: Gas Heating: Forced Air Air Conditioning: Central Air Construction: Vinyl Siding Water Source: Public Sewer: Public Sewer Services Available: Electricity Available; Natural Gas Available; Sewer Available; Storm Sewer; Water Available Miscellaneous: Basement Alternate Uses: Residential New Financing: Conventional MLS Primary PhotoSrc: Realtor Provided
Listing Office: Howard HannaRealEstateServices
Listing Agent: Donald E Shaffer
Last Updated: January - 20 - 2026
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