1550 Sheridan Drive, Lancaster, OH 43130
$3,600,000
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
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.
Supplements: ********
More Information MLS# 223017164
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
General Property Info
Max Cont Sqft Avail: 6877
Minimum Sqft Avail: 6877
Total Available Sqft: 6877
Total Parking: 200
# of Docks: 0
Building Sqft: 40000
# of Elevators: 0
Basement: No
Year Built: 1972
Acreage: 0.16
Tax Info
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 Abatement: No
Taxes (Yrly): 52729
Tax Incentive: No
Parcel #: 05-34198-000
Tax Year: 2022
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.
Status Change Info
Sold Price/SqFt: 523.48
Under Contract Date: 2023-12-12
Sold Date: 2024-09-30
Sold Price: $3,600,000
Income/Expenses
Gross Income: 439503
Net Operating Income: 289555
Total Expenses: 149948
Addl Acceptance Cond
None Known: 1
Expenses Paid by L
Building Insurance: 1
Repairs: 1
T Reimburses L
Cam: 1
RE Taxes: 1
Curr Yr Est $/SF TRL: 3.25
T Contracts Directly
All Utilities: 1
Construction
Metal: 1
Heat Fuel
Electric: 1
Services Available
Electricity Available: 1
Sewer Available: 1
Storm Sewer: 1
Water Available: 1
Heat Type
Forced Air: 1
Miscellaneous
Air Condition: 1
Building Type
Multi Tenant: 1
Auction Info
Auction/Online BiddingY/N: No
New Financing
Conventional: 1
Sprinkler
None: 1
MLS Primary PhotoSrc
Realtor Provided: 1
Sale Info
Seller Assisted Fin: N
Seller/Buyer Concessions: N
Location Property Info
Original List Price: 4300000
Sold Price: $3,600,000
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
Status: Closed
MLS Entry Date: 2023-06-07
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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