Adaptive Reuse Bank
For Sale
$475,000
1600 Sheridan Drive Lancaster, 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$136.93
Days on Market75
Property Features for 1600 Sheridan Drive Lancaster
General Information
Standard status
Active
Size
3,469 SF
Total Parking Spaces
25
Taxes and HOA fees
Annual Taxes
$6,190
Amenities
No
Public
0.72
25.0
3469.0
Building Details
Building Size
3,469 SF
Year Built
1972
Stories
1
Listing Agency:
Keller Williams Capital Partners Realty
(614) 660-5959
Listed By:
Sinath Johnson
(614) 660-5959
Source:
Movenowohio
Added: Jun 11
Changed: Aug 23
Last Checked: Aug 24 at 3:12AM
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 Partners Realty
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 = 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
$41,858
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
8.81%
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%
$837,160
$837.2K
Cap Rate 7%
$597,971
$598.0K
Cap Rate 9%
$465,089
$465.1K
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
$74.5K $21.48/SF
− Vacancy
−$18.7K −$5.39/SF
EGI
$55.8K $16.09/SF
− OpEx
−$14.0K −$4.02/SF
NOI
$41.9K $12.07/SF
Area
Fairfield County, OH
Vacancy
25.10%
Lease Rate
$21.48 /SF/Yr
Expense Ratio
25.00%
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%
$837,160
Cap Rate 7%
$597,971
Cap Rate 9%
$465,089
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
173
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?
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 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.
