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    151 st Olathe, KS 66062

    View on Map
    For Sale
    $3,000,000

    COMMERCIAL - Olathe, KS

    Lot size:
    6.60 Acres
    Added:
    Feb 3, 2026
    Days on Market:
    57
    Last Refresh:
    Apr 1 at 8:06 pm

    Property Features for 151 st

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    CP-2
    Standard status
    Active
    APN
    DF241408-1003
    Lot size
    6.60 Acres

    Taxes and HOA fees

    TaxDescription
    8-14-24 N 924' W 1/2 NW1/4 EX N 600' W 400' EX N 40' IN RD EX 5.04 AC EX .105 AC EX 3.05 AC EX 1.32 AC PLATTED & EX EX 3.27 AC 8.855 ACS M/L
    TaxAnnualAmount
    710

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Krishna Chinnam
    Krishna Chinnam

    Listing agent Krishna Chinnam License #00245999

    Listing office Keller Williams Realty Partners Inc. 6850 College Blvd., Overland Park, KS

    Listing date Feb 3, 2026

    MLS# 2599162

    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.

    Overview

    Olathe Mixed-Use Development Opportunity

    This 6.6-acre mixed-use property is located at the intersection of 151st Street and Mur Len Road in Olathe, Kansas, minutes from a major corporate headquarters and the I-35 interchange. The site is adjacent to a regional shopping center. Zoned and approved for development, the parcel allows for up to 24,000 square feet of commercial and retail space, 207 apartments, and an 8,400 square foot retail pad site. This property is suitable for investors, developers, or owner-occupiers looking to invest in a mixed-use development site.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Johnson County Dermatology Medical Clinic Trisha Prossick, MD Physician Kristin Sands Physician

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Building Supply Hair Salon Big Box & Wholesale Store Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Olathe
    County
    Johnson
    State
    Kansas
    Longitude
    -94.7755641
    Latitude
    38.854577

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    FAQs

    What type of property is this?
    Commercial land - 9-acre mixed-use property near 151st and Mur Len Road.
    Where is this commercial land located?
    The property is located at 151 st Olathe, KS.
    What is the asking price?
    The asking price for this property is $3,000,000.
    What are key features of this property?
    This property features: Prime location at the intersection of 151st Street and Mur Len Road in Olathe, Kansas.; Approved for extensive mixed‑use development including **24,000 sq. ft. of commercial/retail space, 207 apartment units, and an 8,400 sq. ft. retail pad site.**; Close proximity to a major corporate headquarters and the I‑35 interchange.
    (601) 301-3579
    We can help!
    Listing Contact
    Krishna Chinnam
    Krishna Chinnam
    Real Estate License ID: 00245999
    Learn More
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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
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