Adaptive Reuse Bank
For Sale
$449,900
1600 Sheridan Drive, Lancaster, OH 43130
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$129.69
Days on Market166
Property Features for 1600 Sheridan Drive
General Information
Standard status
Active
Size
3,469 SF
Total Parking Spaces
20
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$6,190
Building Details
Building Size
3,469 SF
Year Built
1972
Listing Agency:
Keller Williams Capital Ptnrs
Listed By:
Rachel M Alley
(614) 636-0889
Source:
Camtaylor
Added: May 8
Changed: Oct 17
Last Checked: Oct 19 at 2:44PM
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
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,092
Cap Rate
9.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$821,840
$821.8K
Cap Rate 7%
$587,029
$587.0K
Cap Rate 9%
$456,578
$456.6K
Market Conditions
NOI Build-Up for 3,469 SF
Gross rent
$74.9K $21.60/SF
− Vacancy
−$6.4K −$1.86/SF
EGI
$68.5K $19.74/SF
− OpEx
−$27.4K −$7.90/SF
NOI
$41.1K $11.85/SF
Area
Fairfield County, OH
Vacancy
8.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$821,840
Cap Rate 7%
$587,029
Cap Rate 9%
$456,578
Alternative Uses
Best Use
Office B
$598.0K
$523.2K – $697.6K
NOI $41,858 @ 7.0% cap · market cap 9.30%
Second Best
Healthcare Medical
$587.0K
$513.7K – $684.9K
NOI $41,092 @ 7.0% cap · market cap 9.13%
Theoretical Best
Warehouse
$699.2K
$611.8K – $815.7K
NOI $48,943 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
173
Businesses Nearby
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Business Placement
Demographics for 43130, OH
62,010
Population
26,434
Households
2.3
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
164.5 sq mi
ZIP Area
377
Density / Sq Mi
$68,242
Median Household Income
$43,936
Median Earnings
$1,031
Median Rent
$215,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
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 Drive Lancaster, OH.
What is the asking price?
The asking price for this property is $449,900.
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.
