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
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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