Olathe Restaurant Building For
For Sale
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15085 W 119th St, Olathe, KS 66062
Vacant restaurant building in Olathe Point Lifestyle Center.
Property Size10,135 SF
Lot Size1.78 Acres
Price / SF$286.14
Days on Market173
Property Features for 15085 W 119th St
General Information
Standard status
Active
Size
10,135 SF
Class
B
Lot size
1.78 Acres
Property subtype
Retail
Investment Type
Value Add
Building Details
Year Built
2005
Buildings
1
Stories
1
Listing Agency:
CBRE - Kansas City
(816) 968-5831
Listed By:
Adam Tilton · License #MO 2009008932
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 10 at 3:37PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Kansas City
Investment Insights
Based on property information with market context.
The property at 15085 W 119th Street, Olathe, KS, is a vacant single-tenant restaurant building. It comprises approximately 10,135 square feet and is situated on a 1.78 acre pad. The property is located within the Olathe Point Lifestyle Center and is shadow-anchored by Whole Foods. The surrounding area exhibits a 1.5% vacancy rate and a median household income of $112,682. The property is suitable for conventional restaurants, retail space, and other commercial real estate purposes.
Key Highlights
- Shadow‑anchored by Whole Foods in Olathe Point Lifestyle Center
- Vacant single‑tenant restaurant building with 10,135 +/- square feet
- Located on a 1.78 +/- acre pad site
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
$113,836
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
3.93%
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%
$2,276,720
$2.3M
Cap Rate 7%
$1,626,229
$1.6M
Cap Rate 9%
$1,264,844
$1.3M
Market Conditions
NOI Build-Up for 10,135 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
$158.1K $15.60/SF
− Vacancy
−$6.3K −$0.62/SF
EGI
$151.8K $14.98/SF
− OpEx
−$37.9K −$3.74/SF
NOI
$113.8K $11.23/SF
Area
Olathe, KS
Vacancy
4.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,276,720
Cap Rate 7%
$1,626,229
Cap Rate 9%
$1,264,844
Alternative Uses
Best Use
Specialty Retail
$1.63M
$1.42M – $1.90M
NOI $113,836 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.00M
$2.62M – $3.49M
NOI $209,673 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
293k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Apparel 26%
Home Improvements & Furnishings 15%
Hotels & Casinos 3%
Bass Pro Shops
Apparel
68,639 visits/mo
0.1 miles
The Home Depot
Home Improvements & Furnishings
44,339 visits/mo
0.5 miles
Cracker Barrel Old Country Store
Dining
28,060 visits/mo
0.3 miles
McDonald's
Dining
21,926 visits/mo
0.3 miles
Buffalo Wild Wings
Dining
18,921 visits/mo
0.3 miles
Demographics for 66062, KS
77,553
Population
29,350
Households
2.6
Avg Household Size
36
Median Age
53%
College-Educated
96%
High-School Grad
42.1 sq mi
ZIP Area
1,842
Density / Sq Mi
$116,248
Median Household Income
$55,718
Median Earnings
$1,349
Median Rent
$342,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Vacant restaurant building in Olathe Point Lifestyle Center.
Where is this conventional restaurant located?
The property is located at 15085 W 119th St Olathe, KS.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Shadow‑anchored by Whole Foods in Olathe Point Lifestyle Center; Vacant single‑tenant restaurant building with 10,135 +/- square feet; Located on a 1.78 +/- acre pad site
