Lancaster Ohio Multi-Family Homes for Sale

Lancaster Ohio Multi-Family Homes for Sale

305 Madison Avenue, Lancaster
$284,500
226037616 MLS
Beautifully updated and filled with charm, this unique property features a spacious main home PLUS a rear residence/additional dwelling unit (ADU), offering exceptional versatility. Previously used as an ABNB/furnished rental, the ADU provides a variety of possibilities. The main home has been extensively updated within the last two years while maintaining its inviting character. The spacious floor plan features 3-4 bedrooms, 2 full baths, and includes a living room, dining room and a flexible main-level room ideal for a 4th bedroom, office or den. Generously sized rooms throughout provide comfortable living and entertaining spaces throughout. Numerous 2024 improvements include fresh interior paint, new flooring and carpet, an updated kitchen, remodeled baths, new furnace and A/C, light fixtures, outlets, ceiling fans and more! Outdoor improvements include a poured concrete front driveway, gravel rear driveway, patios, stone landscaping, and pergola. The washer and dryer remain with the main home. Set farther back on the property, the separate rear residence/ADU offers wonderful seclusion, with a newer privacy fence. It features a full kitchen, living room, 1-2 bedrooms, washer and dryer, fresh paint, a rear deck and firepit area. A private backyard with outstanding living spaces and a storage shed add to the property's appeal. With extensive improvements already completed and two separate living spaces, this property offers versatility and tremendous potential. Located just minutes from Rising Park, the bike path, Fairfield County Fairgrounds, shopping and dining. Great opportunity!

305 Madison Avenue, Lancaster

Listing Courtesy of : Hugh H Price ---- Howard HannaRealEstateServices

241 Perry Street, Lancaster
$115,000
226037090 MLS
Located in downtown Lancaster, this 3-bedroom, 2-bath home offers a unique opportunity for an owner-occupant, investor, or buyer looking for a property with a flexible layout and plenty of potential. Previously used as a duplex, the home could potentially function again as two separate living spaces, with one side offering a 2-bedroom, 1-bath layout and the other providing a 1-bedroom, 1-bath. Inside, the home offers spacious rooms, tall ceilings, plenty of natural light, and original character throughout. The main living areas feature hardwood flooring and an arched opening connecting the rooms, creating an open feel while maintaining defined living spaces. Two full bathrooms provide added functionality, including one with a tub/shower and another with a shower. The property is ready for someone willing to put in some work and bring their own vision. While the home needs TLC and updating, its existing layout provides plenty of possibilities. Use the entire property as a single-family 3-bedroom, 2-bath residence, explore converting it back to its previous duplex configuration, or renovate it as an investment property. Outside, the home features a metal roof, multiple entrances that complement the former duplex layout, and a manageable exterior space. Its downtown Lancaster location puts you near local shops, restaurants, businesses, and other community amenities. Whether you're searching for your next renovation project, an investment opportunity, or a home you can customize over time, this property offers versatility, character, and potential in the heart of Lancaster.

241 Perry Street, Lancaster

Listing Courtesy of : Dylan J Knecht ---- RE/MAX Revealty

Selling Office: Revolution Realty LLC.

1708 Graylock Street, Lancaster
$397,000
226025606 MLS
Whether you're looking to expand your portfolio or complete a 1031 exchange, this well-maintained four-unit property offers the combination every investor is searching for... stable occupancy today with room to increase tomorrow's returns. Each of the four units features 900 square feet of living space with two bedrooms, one bathroom, and the convenience of an in-unit washer and dryer. Tenants enjoy separately metered electric and water service while paying all utilities, helping keep operating expenses low and predictable. The property has been consistently well maintained, with many major mechanical updates completed within the past five years. Even more impressive, the building has remained fully occupied with a waiting list whenever a unit becomes available, demonstrating strong rental demand in the area. Current rents are $800 per month per unit, with all leases converting to month-to-month at the end of August 2026. For investors seeking value-add potential, comparable two-bedroom units in the area are leasing between $1,000 and $1,200 per month, providing an opportunity to increase income over time. Whether you choose to maintain the property's outstanding occupancy history or implement a strategic rent growth plan, this is a rare opportunity to acquire a professionally maintained asset with proven performance and significant upside. Showings will be allowed within 48 hours of accepted offer.

1708 Graylock Street, Lancaster

Listing Courtesy of : Jeffrey A Messmer ---- Keller Williams Consultants

Selling Office: Keller Williams Consultants.

165 Lake Street, Lancaster
$219,900
226000230 MLS
Attention: Property will be available for showings Sat Feb 28 and Sun Mar 1 from 1-3 pm! 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. Attention Agents: Please see ATA and the attached offer instructions document for further details

165 Lake Street, Lancaster

Listing Courtesy of : Donald E Shaffer ---- Howard HannaRealEstateServices

Selling Office: RE/MAX Revealty.

632 N Broad Street, Lancaster
$405,000
225017729 MLS
Discover a unique investment opportunity with this versatile, fully renovated property that offers both residential income and commercial potential. The ground level is a standout feature—completely updated and beautifully finished, it presents a flexible space that could be utilized as a high-end commercial storefront, office, or converted into additional residential living. Whether you're envisioning a boutique, studio, or luxury apartment, the options are endless with this stylish and functional space. Upstairs, the property is already generating steady income with two well-maintained long-term rental units, both currently occupied by reliable tenants. This turnkey setup allows for immediate cash flow, making it ideal for investors or owner-occupiers looking to offset costs. The configuration offers privacy and separation between the levels, enhancing the appeal for both commercial and residential uses. Additional amenities include ample off-street parking—an increasingly rare find—which comfortably accommodates residents, visitors, or clients. Located in a desirable area with access to local shops, dining, and more, this property combines location, flexibility, and modern updates into one compelling package. Whether you're an investor seeking a multi-use income property or an entrepreneur looking for a place to live and work, this property offers boundless possibilities. Don't miss the chance to make this adaptable and stylish building part of your portfolio.

632 N Broad Street, Lancaster

Listing Courtesy of : Dylan J Knecht ---- RE/MAX Revealty

Selling Office: M3K Real Estate Network Inc..

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The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity™ program of the Multiple Listing Service of Greater Cincinnati. Real estate listings held by brokerage firms other than our company are marked with the Broker Reciprocity™ logo (the small house as shown to the left) and detailed information about them includes the name of the listing brokers. This data is up-to-date as of . Copyright 2026, MLS of Greater Cincinnati, Inc. All rights reserved. Information deemed reliable but not guaranteed.

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The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of the Dayton Area Board of Realtors® MLS IDX Database. Real estate listings from the Dayton Area Board of Realtors® MLS IDX Database held by brokerage firms other than eXp Realty are marked with the IDX logo and are provided by the Dayton Area Board of Realtors® MLS IDX Database. Information is provided for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in. Copyright© 2026 Dayton Area Board of Realtors®

Lancaster Ohio Multi-Family Homes

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