Mixed-Use Building with Drive-In
For Sale
$449,900
1600 Sheridan Drive, Lancaster, OH 43130
Adaptable commercial property with finished lower-level space, dedicated parking, and updated heating and cooling systems.
Property Size3,469 SF
Price / SF$129.69
Days on Market91
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
Buildings
1
Listing Agency:
Keller Williams Capital Ptnrs
(614) 636-0889
Listed By:
Rachel M Alley
(614) 636-0889
Source:
Camtaylor
Added: May 8
Changed: Aug 4
Last Checked: Aug 6 at 4:35AM
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.
This mixed-use commercial building, constructed in 1972, includes approximately 2,669 square feet on the main level and 800 square feet of finished lower-level area. The former bank configuration includes a drive-in window, while the lower level adds finished rooms and utility areas that can support storage or operations. Heating and cooling systems were installed circa 2018, and a new sump pump was added in 2025.
The property at 1600 Sheridan Drive in Lancaster, Ohio, has approximately 20 dedicated parking spaces. Its setting near the Sheridan Drive retail corridor and Fairfield County offices supports consideration for medical, office, retail, institutional, service, school, church, or other adaptive reuse applications.
The property at 1600 Sheridan Drive in Lancaster, Ohio, has approximately 20 dedicated parking spaces. Its setting near the Sheridan Drive retail corridor and Fairfield County offices supports consideration for medical, office, retail, institutional, service, school, church, or other adaptive reuse applications.
Key Highlights
- 3,469 SF total, including approximately 2,669 SF on the main level and 800 SF finished below grade
- Former bank layout retains an original drive‑in window
- Approximately 20 dedicated parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,092
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.13%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Adaptable commercial property with finished lower-level space, dedicated parking, and updated heating and cooling systems.
Where is this mixed-use property 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: 3,469 SF total, including approximately 2,669 SF on the main level and 800 SF finished below grade; Former bank layout retains an original drive‑in window; Approximately 20 dedicated parking spaces
