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    10610 Marty St Overland Park, KS 66212

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    143-unit hotel to apartment conversion in Overland Park, Kansas.

    Property size:
    64,415 SF
    Lot size:
    3.82 Acres

    Property Features for 10610 Marty St

    General Information

    Standard status
    Active
    Size
    64,415 SF
    Lot size
    3.82 Acres

    Building Details

    Year built
    1987

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    Listing Contact
    Dave Saverin
    Source: Crexi

    Listing Agency: Marcus & Millichap - St. Louis Listing Agent: Dave Saverin

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Overland Park Multifamily Conversion Opportunity

    The Horizon is a 143-unit hotel to apartment conversion undergoing the final stage of construction. Located in Overland Park, Johnson County, the property includes one hundred twenty-one (121) Studios and twenty-two (22) one-bedroom units ranging from 360 SF – 716 SF. Forty-seven (47) units have been fully renovated with full-size kitchens, new flooring, new bathroom vanities, new paint, and new electrical systems. Planned amenities include a washer and dryer facility, storage and bike lockers, covered parking, a fitness center, an outdoor pickleball court, a BBQ area, and a pet washing station, as well as work/study nooks. Situated less than a quarter mile from Interstate 435 and 0.2 miles from Metcalf Ave, the property provides access to Kansas City and its surrounding areas. Metcalf Ave is a major thoroughfare that runs North to South in Overland Park and is a key corridor for both residential and commercial areas, providing access to shopping centers, local businesses, office parks, and restaurants. The Horizon offers the opportunity to complete the remaining construction, with most of the basic infrastructure already in place. The new owner can complete the finishes of interior renovations of the remaining 96 unfinished units and choose the amenities to attract residents. The property is in a supply-constrained market of studio units, with only 2% of its unit inventory being made up of studio units. The projected average rent for The Property is $300 below the average rent for Overland Park.
    Location Intelligence

    Current Use by Public Records

    Eloquence Apartment Complex

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Overland Park
    County
    Johnson
    State
    Kansas
    Longitude
    -94.671469
    Latitude
    38.93544

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    FAQs

    What type of property is this?
    Apartment building - 143-unit hotel to apartment conversion in Overland Park, Kansas.
    Where is this apartment building located?
    The property is located at 10610 Marty St Overland Park, KS.
    What are key features of this property?
    This property features: - Opportunity to complete construction on 96 unfinished units and customize interior finishes and amenities.; - Located in the highly desirable and rapidly growing Overland Park, Johnson County.; - Conversion project with 47 fully renovated units featuring full-size kitchens and updated systems.
    Request Owner's contact information
    10610 Marty St Overland Park, KS 66212
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    Overland Park, KS 66212
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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
    10610 Marty St Overland Park, KS 66212
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    Listing Contact
    Dave Saverin
    Real Estate License ID: 2008013520
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