1550 Sheridan Drive, Lancaster, OH 43130 (MLS# 223017164)

1550 Sheridan Drive, Lancaster, OH 43130

$3,600,000

40,000 SF building of Medical Office condominiums.

4 separate entrances to the Suites of the Building.

Over 4 acres, Medical Office Building, Common Area, Parking Lot, Access Road and Greenspace.

Owner opportunity to have their own space within the building.

Property Type: Office Square Footage: 40,000 Lot Size (sq. ft.): 6,970 Status: Closed

Current Price: $3,600,000 List Date: 6/07/2023 Last Modified: 3/01/2025

Overview

Description

INVESTMENT OPPORTUNITY with this income producing property. 40,000 SF multi-tenant Medical office Condominium building on over 2 acres with parking lot (200 spaces), green space and access road. Most Suites are on long-term leases. Only two Suites are vacant representing 3000 sf. A Buyer/Owner opportunity to have their own space within the building. Office Suites have their own parcel number and are taxed separately. Suites range from 1482-1620 sf. with one exception. The largest Suite is 6877 sf. Net Operating Income is $289,555.

Listing Details MLS# 223017164

Location Property Info

Original List Price: 4300000
Property Sub Type: Condominium
Street #: 1550
Street Name: Sheridan
Street Suffix: Drive
County: Fairfield
State: OH
Zip Code: 43130
Subdiv/Cmplx/Comm: Colonnade Medical Office Building
Township: None

OfficeContract Info

MLS Entry Date: 2023-06-07

General Property Info

Total Available Sqft: 6877
Building Sqft: 40000
Max Cont Sqft Avail: 6877
Minimum Sqft Avail: 6877
Total Parking: 200
Year Built: 1972
Basement: No
Acreage: 0.16
# of Docks: 0
# of Elevators: 0

Tax Info

Parcel #: 05-34198-000
Mult Parcels/Sch Dis: Yes
Addl Parcel Numbers: 22 Total Parcels. Medical Office Building, parcels #0534198000, 0534198000, 0534198100, 0534198200, 0534198300, 0534198400, 0534198500, 0534198600, 0534198700, 0534198800, 0534198900, 0534199000, 0534199100, 0534199200, 0534199300, 0534199400, 0534199500, 0534199600 and 0534199700. Vacant Land, parcel # 534202900. Parking Lot, parcel # 534203000, and Access Road, parcel # 534203100
Tax Year: 2022
Tax Abatement: No
Taxes (Yrly): 52729
Tax Incentive: No

Status Change Info

Under Contract Date: 2023-12-12
Sold Date: 2024-09-30
Sold Price/SqFt: 523.48

T Reimburses L

Curr Yr Est $/SF TRL: 3.25
Cam: Yes
RE Taxes: Yes

More Information

Auction Info

Auction/Online BiddingY/N: No

Sale Info

Seller Assisted Fin: N
Seller/Buyer Concessions: N

Location & Property Info

List Price/SqFt: 574.38
City (Mailing Addr): Lancaster
Corp LimitPerAuditor: Lancaster

Office/Contract Info

For Sale: Yes
Exchange: No
For Lease: No
Lease Rate $/Sq Ft: 12

Remarks & Misc

Property Description: INVESTMENT OPPORTUNITY with this income producing property. 40,000 SF multi-tenant Medical office Condominium building on over 2 acres with parking lot (200 spaces), green space and access road. Most Suites are on long-term leases. Only two Suites are vacant representing 3000 sf. A Buyer/Owner opportunity to have their own space within the building. Office Suites have their own parcel number and are taxed separately. Suites range from 1482-1620 sf. with one exception. The largest Suite is 6877 sf. Net Operating Income is $289,555.

Income/Expenses

Gross Income: 439503
Net Operating Income: 289555
Total Expenses: 149948

Addl Acceptance Cond

None Known: Yes

Expenses Paid by L

Building Insurance: Yes
Repairs: Yes

T Contracts Directly

All Utilities: Yes

Construction

Metal: Yes

Heat Fuel

Electric: Yes

Services Available

Electricity Available: Yes
Sewer Available: Yes
Storm Sewer: Yes
Water Available: Yes

Heat Type

Forced Air: Yes

Miscellaneous

Air Condition: Yes

Building Type

Multi Tenant: Yes

New Financing

Conventional: Yes

Sprinkler

None: Yes

MLS Primary PhotoSrc

Realtor Provided: Yes

Property Features

Addl Acceptance Cond: None Known Expenses Paid by L: Building Insurance; Repairs T Reimburses L: Cam; RE Taxes T Contracts Directly: All Utilities Heat Fuel: Electric Heat Type: Forced Air Services Available: Electricity Available; Sewer Available; Storm Sewer; Water Available Building Type: Multi Tenant Construction: Metal Sprinkler: None Miscellaneous: Air Condition New Financing: Conventional MLS Primary PhotoSrc: Realtor Provided

Listing Office: RE/MAX ONE

Listing Agent: Sherry Orlando

Last Updated: March - 01 - 2025

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