New Construction Duplex with Main-Floor
For Sale
$525,000
9844 Greeley Street, Lenexa, KS 66227
Residential, Traditional, Lenexa, KS
Property Size2,080 SF
Price / SF$252.40
Days on Market96
Property Features for 9844 Greeley Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 1, Basement, Game Room, Dining Room, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 3
Parking features
Driveway
Patio and Porch features
Deck
Interior features
Ceiling Fan(s), Kitchen Island, Painted Cabinets, Pantry, Walk-In Closet(s)
Fireplace
1
Basement
Finished
Appliances
Cooktop, Dishwasher, Disposal, Exhaust Fan, Humidifier, Microwave, Gas Range, Stainless Steel Appliance(s)
Subdivision
Wheatley Point West
Lot features
Adjoin Greenspace, City Lot, Cul-De-Sac, Sprinkler- In Ground
Elementary school
Canyon Creek
Middle school
Prairie Trail
High school
Olathe Northwest
Elementary school district
Olathe
Middle school district
Olathe
High school district
Olathe
Directions
K7 to Prairie Star Parkway, west through roundabouts to Clare Road. Go south on Clare to neighborhood on right.
Standard status
Active
APN
IP84450000 0006
Size
2,080 SF
Taxes and HOA fees
HOA Fee
$200 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
2026
Flooring type
Carpet, Wood, Tile
Building materials
Stucco & Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Realty Executives · Realty Executives International
(913) 642-4888
Listed By:
Mandy Menghini
(913) 302-5899
Added: Jun 23
Changed: Sep 12
Last Checked: Sep 26 at 12:06AM
MLS# 2627738
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.
This under-construction duplex is designed as twin villas with approximately 2,080 square feet of living area. The main floor includes the primary and secondary bedrooms, two bathrooms, a laundry room, and an open kitchen and dining arrangement. Interior features include a kitchen island, pantry, painted cabinetry, walk-in closets, wood, tile, and carpet flooring, plus a fireplace. The lower level can accommodate two additional bedrooms, with a fourth-bedroom upgrade available, along with a game room and additional bathroom space.
The property is located at 9844 Greeley Street in Lenexa, Kansas, and is planned for completion in late November 2026. Monthly HOA services include lawn mowing and trash/recycling. Each residence includes a deck, driveway parking, public water, public sewer, natural-gas heating, and electric cooling.
The property is located at 9844 Greeley Street in Lenexa, Kansas, and is planned for completion in late November 2026. Monthly HOA services include lawn mowing and trash/recycling. Each residence includes a deck, driveway parking, public water, public sewer, natural-gas heating, and electric cooling.
Key Highlights
- Duplex configured as twin villas with approximately 2,080 square feet
- Primary and secondary bedrooms located on the main floor
- Open kitchen and dining layout with island and pantry
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
$22,290
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
4.25%
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%
$445,800
$445.8K
Cap Rate 7%
$318,429
$318.4K
Cap Rate 9%
$247,667
$247.7K
Market Conditions
NOI Build-Up for 2,080 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
$33.7K $16.20/SF
− Vacancy
−$1.9K −$0.89/SF
EGI
$31.8K $15.31/SF
− OpEx
−$9.6K −$4.59/SF
NOI
$22.3K $10.72/SF
Area
Johnson County, KS
Vacancy
5.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$445,800
Cap Rate 7%
$318,429
Cap Rate 9%
$247,667
Alternative Uses
Best Use
Multifamily LT 5
$318.4K
$278.6K – $371.5K
NOI $22,290 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$298.7K
$261.4K – $348.5K
NOI $20,909 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$503.4K
$440.5K – $587.3K
NOI $35,238 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
Explore this area
Business Placement
Demographics for 66227, KS
8,476
Population
3,431
Households
2.5
Avg Household Size
41
Median Age
68%
College-Educated
100%
High-School Grad
13.3 sq mi
ZIP Area
637
Density / Sq Mi
$132,532
Median Household Income
$71,027
Median Earnings
$1,989
Median Rent
$423,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Twin-villa residences feature open kitchen and dining areas, main-level bedrooms, and laundry access.
Where is this duplex located?
The property is located at 9844 Greeley Street Lenexa, KS.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Duplex configured as twin villas with approximately 2,080 square feet; Primary and secondary bedrooms located on the main floor; Open kitchen and dining layout with island and pantry
