Investment opportunity in the heart of downtown Phoenixville. This updated two-unit property is located on one of the borough's most desirable and highly walkable streets, just steps from restaurants, breweries, shopping, parks, trails, and year-round community events. With strong rental demand and limited multifamily inventory in the area, this property offers an attractive combination of current income and future appreciation potential. The first-floor apartment is currently leased at $2,295 per month and features 2 bedrooms and 1 full bathroom, providing immediate cash flow from closing. The upper unit consists of 3 bedrooms and 2 full bathrooms, offering an opportunity for additional rental income, executive housing, furnished rental use, or traditional long-term tenancy. Significant capital improvements have recently been completed, including a new roof (May 2026) and new electric heat pump heating and cooling systems (May 2026), reducing near-term maintenance concerns and capital expenditure requirements. Additional interior updates further enhance the property's appeal to tenants and future buyers. Located in one of Chester County's strongest rental markets, 144 Gay Street presents a rare opportunity to acquire a well-maintained income-producing asset with existing cash flow, a rentable vacant unit, and long-term upside in a thriving downtown location. Ideal for investors seeking portfolio growth, stable income, and future appreciation in a supply-constrained market.