Adaptive Reuse Bank
1600 Sheridan Dr Lancaster, OH 43130
1600 Sheridan Dr, Lancaster, OH, 43130
$475,000
For Sale
$475,000
Built in 1972, this former bank includes a drive-in window, finished lower level, and about 20 dedicated parking spaces.
Property Size3,469 SF
Price / SF$136.93
Days on Market76
Property Features for 1600 Sheridan Dr
General Information
- Standard status
- Active
- Size
- 3,469 SF
Listing agency
Keller Williams Capital Ptnrs
(614) 636-0889
Listed by
Rachel M Alley
(614) 636-0889
Source
Exprealty
Added: May 8 Updated: Jul 22 at 7:55AM Checked: Jul 22 at 7:55AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Capital Ptnrs
Investment Insights
Based on property information with market context.
Built in 1972, this former bank has been most recently used as a medical facility and offers flexible space for a range of commercial and institutional uses. The property includes approximately 2,669 square feet on the main level and about 800 square feet of finished lower-level space. In addition to the finished lower area, the lower level features extra utility rooms that can support storage and day-to-day operations. The building retains its original drive-in window, providing a customer-facing feature that can support banking, pharmacy, food service, or other drive-up style concepts.
The site has approximately 20 dedicated parking spaces and is positioned near a retail shopping corridor along Sheridan Drive, with close proximity to Fairfield County offices.
Major mechanical updates include heating and cooling systems installed circa 2018, along with a new sump pump in 2025.
The site has approximately 20 dedicated parking spaces and is positioned near a retail shopping corridor along Sheridan Drive, with close proximity to Fairfield County offices.
Major mechanical updates include heating and cooling systems installed circa 2018, along with a new sump pump in 2025.
Key Highlights
- Built in 1972 former bank building with a drive‑in window for customer‑facing service concepts.
- Approx. 2,669 SF main level plus 800 SF finished lower level, providing flexible space for office, medical, retail, or institutional uses.
- Lower level includes finished space plus additional utility rooms for storage and operational flexibility.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $74.5k | $21.48 |
| − Vacancy | −$18.7k | −$5.39 |
| EGI | $55.8k | $16.09 |
| − OpEx | −$14.0k | −$4.02 |
| NOI | $41.9k | $12.07 |
3,469 SF · lease $21.48/SF/yr · vacancy 25.10% · expense 25.00%
Alternative Uses
Best Use
Office B
$598.0K
$523.2K – $697.6K
NOI $41,858 @ 7.0% cap · market cap 8.81%
Second Best
Healthcare Medical
$587.0K
$513.7K – $684.9K
NOI $41,092 @ 7.0% cap · market cap 8.65%
Theoretical Best
Warehouse
$699.2K
$611.8K – $815.7K
NOI $48,943 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Diley Medical Group ...
Physician
Diley Medical Group ...
Physician
Radiology Impressions
Alternative Medicine Practice
Michele C Long, ...
Physician
John Clark Whittington
Pediatrician
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FAQs
What type of property is this?
Medical center - Built in 1972, this former bank includes a drive-in window, finished lower level, and about 20 dedicated parking spaces.
Where is this medical center located?
The property is located at 1600 Sheridan Dr Lancaster, OH.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Built in 1972 former bank building with a drive‑in window for customer‑facing service concepts.; Approx. 2,669 SF main level plus 800 SF finished lower level, providing flexible space for office, medical, retail, or institutional uses.; Lower level includes finished space plus additional utility rooms for storage and operational flexibility.
