Building Details

Floors in Building 1

Listing Agency: Realty Executives · Realty Executives International s***@realtyexecutives.com Show Phone

Listed By: Dale Hermreck · License #BR00217729 Show Phone

Added: Jan 1 Changed: Aug 19 Last Checked: Sep 7 at 9:06PM

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MLS# 2594479

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.

Investment Insights

Based on property information with market context.

The property consists of three warehouses with a combined 20,000 sq. ft. of building area across a 16-acre tract. The warehouse improvements are currently leased for use as an indoor baseball training facility. Billboard signs and a residential rental are also located on the property.

Situated at 36450 Frontage Road in Edgerton, the site offers I-35 exposure and access from the Edgerton exit exchange. The tract is positioned just west of the BNSF Railway, Intermodal. C2 zoning, a paved parking lot, and water availability are additional property features.

Key Highlights

• Three warehouses totaling 20,000 sq. ft. on 16 acres
• Currently leased for use as an indoor baseball training facility
• I‑35 exposure with access from the Edgerton exit exchange

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$91,017

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

7.58%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$1,820,340 $1.8M

Cap Rate 7%

$1,300,243 $1.3M

Cap Rate 9%

$1,011,300 $1.0M

Market Conditions

NOI Build-Up for 20,000 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$114.4K $5.72/SF

− Vacancy

−$7.3K −$0.37/SF

EGI

$107.1K $5.35/SF

− OpEx

−$16.1K −$0.80/SF

NOI

$91.0K $4.55/SF

Area

Johnson County, KS

Vacancy

6.40%

Lease Rate

$5.72 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$1,820,340

Cap Rate 7%

$1,300,243

Cap Rate 9%

$1,011,300

Alternative Uses

Best Use

Warehouse

$1.30M

$1.14M – $1.52M (±1% cap)

NOI $91,017 @ 7.0% cap · market cap 7.58%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$4.84M

$4.24M – $5.65M (±1% cap)

NOI $338,826 @ 7.0% cap · market cap 28.24%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Warehouses

Suggested Use

Top Pick Gym & Fitness Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 66021, KS

2,730

Population

898

Households

3

Avg Household Size

37

Median Age

19%

College-Educated

95%

High-School Grad

51.2 sq mi

ZIP Area

53

Density / Sq Mi

$84,375

Median Household Income

$46,591

Median Earnings

$1,213

Median Rent

$232,000

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Warehouse - C2-zoned tract includes paved parking, water availability, and an existing warehouse configuration.

Where is this warehouse located?

The property is located at 36450 Frontage Road Edgerton, KS.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: Three warehouses totaling 20,000 sq. ft. on 16 acres; Currently leased for use as an indoor baseball training facility; I‑35 exposure with access from the Edgerton exit exchange