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    115 E Park St Olathe, KS 66061

    View on Map
    Sponsored
    For Sale
    $450,000

    COMMERCIAL - Olathe, KS

    Type:Office
    Lot size:
    0.05 Acres
    Days on Market:
    33
    Last Refresh:
    Mar 6 at 11:06 am

    Property Features for 115 E Park St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Standard status
    Active
    APN
    DP55930000-0U02
    Parking features
    Garage, On Street, Covered
    Interior features
    Public Restroom
    Accessibility
    Accessible Approach with Ramp
    Lot size
    0.05 Acres

    Utilities

    Utilities
    Water Available

    Building Details

    Year built
    1965
    Floors in Building
    1

    We can help!

    Listing Contact
    Gary Morrison
    Gary Morrison

    Keller Williams Realty Diamond Partners Inc. (913) 322-7500

    Listing agent Gary Morrison (913) 322-7500

    Listing date Feb 2, 2026

    MLS# 2581654

    Copyright © 2026 Heartland Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Versatile Office Space in Olathe

    This commercial office space is located in downtown Olathe, near local businesses and restaurants such as Park St. Pastry, Junque Drawer, and Pizza 51. It is conveniently positioned across from the post office, Johnson County Square Park, and one block from the new library. The property is situated in a walkable area near the courthouse and city offices. Parking options include nearby street parking, a garage across the alley, and a flat lot one block away. The space offers flexibility and comfort with Nest thermostats regulating the room temperature in 2 HVAC zones. It includes a 10-15 person conference room with a large wall-mounted TV, an open-format training or event room, a reception area, multiple private offices, a kitchen with a sink and refrigerator, and a large storage room with built-in shelving and granite workspace. The property offers access to I-35 and K-7. Items included with the sale are the large TV in the conference room, the refrigerator in the kitchen, and window blinds. The lot size is 0.0502 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Law Office of Curtis ... Law Firm Langston Law Chtd Law Firm Quinn Law Law Firm Johnson County Public ... Public Defender'S Office Crown Home Inspections Home Inspector

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Olathe
    County
    Johnson
    State
    Kansas
    Longitude
    -94.818853
    Latitude
    38.881745

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    FAQs

    What type of property is this?
    Office units - Functional commercial office in downtown Olathe, near local amenities.
    Where is this office units located?
    The property is located at 115 E Park St Olathe, KS.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: - Prime downtown Olathe location, steps from businesses, restaurants, the post office, Johnson County Square Park, and the new library.; - Versatile commercial space featuring a 10-15 person conference room, open training/event room, multiple private offices, and a reception area.; - Convenient access to I-35 and K-7 highways for easy commuting throughout the metro area.
    (913) 235-1967
    Request Owner's contact information
    115 E Park St Olathe, KS 66061
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    Olathe, KS 66061
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    115 E Park St Olathe, KS 66061
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    We can help!
    Listing Contact
    Gary Morrison
    Gary Morrison
    Real Estate License ID: SP00233176
    (913) 235-1967 (913) 322-7500
    Learn more
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