Former Bank Drive-Through
For Sale
Contact for pricing
1903 Hubbard Rd., Madison, OH 44057
Former bank building with drive-through and multiple office areas, plus a bullpen and kitchenette.
Property Size2,185 SF
Lot Size0.93 Acres
Price / SF$136.84
Days on Market196
Property Features for 1903 Hubbard Rd.
General Information
Standard status
Active
Size
2,185 SF
Lot size
0.93 Acres
Property subtype
RETAIL
Amenities
drive-thru
four private offices
bullpen area
kitchenette
Listing Agency:
Sequoia Realty
(440) 946-8600
Listed By:
Patrick Dowd · License #SAL.2007000856
(216) 406-0476
Source:
Moodyscre
Added: Feb 24
Changed: Jul 23
Last Checked: Aug 14 at 8:05AM
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 Sequoia Realty
Investment Insights
Based on property information with market context.
This former bank property includes a drive-through and a total of 2,185± square feet of commercial space. Inside, the layout features four private offices, a spacious bullpen area, and a kitchenette, supported by abundant windows for natural light.
The building sits on a 0.93-acre lot with a large parking area and strong visibility at 1903 Hubbard Rd. in Madison Township.
The space is positioned for flexible use, including drive-through food service, retail storefront, professional office, or contractor use, depending on the tenant’s or buyer’s operating needs.
The building sits on a 0.93-acre lot with a large parking area and strong visibility at 1903 Hubbard Rd. in Madison Township.
The space is positioned for flexible use, including drive-through food service, retail storefront, professional office, or contractor use, depending on the tenant’s or buyer’s operating needs.
Key Highlights
- Former bank property at 1903 Hubbard Rd. in Madison Township with existing drive‑through
- 2,185± SF commercial building with four private offices, bullpen area, and kitchenette
- 0.93‑acre lot with a large parking area
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
$23,451
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
7.84%
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%
$469,020
$469.0K
Cap Rate 7%
$335,014
$335.0K
Cap Rate 9%
$260,567
$260.6K
Market Conditions
NOI Build-Up for 2,185 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
$32.8K $15.00/SF
− Vacancy
−$1.5K −$0.69/SF
EGI
$31.3K $14.31/SF
− OpEx
−$7.8K −$3.58/SF
NOI
$23.5K $10.73/SF
Area
Lake County, OH
Vacancy
4.60%
Lease Rate
$15.00 /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%
$469,020
Cap Rate 7%
$335,014
Cap Rate 9%
$260,567
Alternative Uses
Best Use
Specialty Retail
$335.0K
$293.1K – $390.9K
NOI $23,451 @ 7.0% cap · market cap 7.84%
Second Best
Retail
$292.7K
$256.1K – $341.4K
NOI $20,486 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$504.7K
$441.6K – $588.8K
NOI $35,326 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
18k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Home Improvements & Furnishings 22%
Dining 21%
Dollar General
Shops & Services
5,943 visits/mo
0.3 miles
Sunoco
Shops & Services
4,185 visits/mo
0.0 miles
Madison Ace Hardware
Home Improvements & Furnishings
3,864 visits/mo
0.1 miles
Dairy Queen
Dining
3,786 visits/mo
0.1 miles
Demographics for 44057, OH
19,447
Population
8,474
Households
2.3
Avg Household Size
44
Median Age
17%
College-Educated
91%
High-School Grad
50.1 sq mi
ZIP Area
388
Density / Sq Mi
$70,212
Median Household Income
$39,191
Median Earnings
$1,044
Median Rent
$170,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Former bank building with drive-through and multiple office areas, plus a bullpen and kitchenette.
Where is this bank located?
The property is located at 1903 Hubbard Rd. Madison, OH.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Former bank property at 1903 Hubbard Rd. in Madison Township with existing drive‑through; 2,185± SF commercial building with four private offices, bullpen area, and kitchenette; 0.93‑acre lot with a large parking area
