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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