Freestanding Restaurant
For Sale
Contact for pricing
15225 West 134th Place, Olathe, KS 66062
C-2-zoned restaurant property near major retail anchors and adjacent University of Kansas Urgent Care.
Property Size11,656 SF
Lot Size2.06 Acres
Price / SF$197.32
Days on Market12
Property Features for 15225 West 134th Place
General Information
Standard status
Active
Size
11,656 SF
Lot size
2.06 Acres
Property subtype
Retail
Zoning
C-2
Additional Details
Asking Price
$2,300,000
Traffic Count
29,154 vehicles/day
Listing Agency:
Kessinger Hunter Commercial Real Estate
(816) 898-8531
Listed By:
Kobi Mashnouk · License #2025004843
Source:
Crexi
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 29 at 5:07PM
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 Kessinger Hunter Commercial Real Estate
Investment Insights
Based on property information with market context.
Located at 15225 West 134th Place in Olathe, Kansas, this freestanding restaurant property contains 11,656 square feet on 2.06 acres. The site includes 114 standard parking spaces and 5 handicap spaces, supporting a large-format operation with established restaurant improvements. C-2 zoning and the building’s scale also support consideration of retail, entertainment, or adaptive reuse, as stated in the property information.
The property sits near the signalized intersection of W. 135th Street and Black Bob Road, with 29,154 vehicles per day reported along W. 135th Street. Surrounding retail includes Walmart Supercenter, Lowe’s, Academy, Menards, Petco, and Hen House. University of Kansas Urgent Care is adjacent, and a future 280-unit multifamily development is planned nearby.
The property sits near the signalized intersection of W. 135th Street and Black Bob Road, with 29,154 vehicles per day reported along W. 135th Street. Surrounding retail includes Walmart Supercenter, Lowe’s, Academy, Menards, Petco, and Hen House. University of Kansas Urgent Care is adjacent, and a future 280-unit multifamily development is planned nearby.
Key Highlights
- 11,656‑square‑foot freestanding restaurant building
- 2.06‑acre site with 114 standard and 5 handicap parking spaces
- C‑2 zoning supports restaurant, retail, entertainment, or adaptive reuse considerations
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
$130,920
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
5.69%
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%
$2,618,400
$2.6M
Cap Rate 7%
$1,870,286
$1.9M
Cap Rate 9%
$1,454,667
$1.5M
Market Conditions
NOI Build-Up for 11,656 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
$181.8K $15.60/SF
− Vacancy
−$7.3K −$0.62/SF
EGI
$174.6K $14.98/SF
− OpEx
−$43.6K −$3.74/SF
NOI
$130.9K $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%
$2,618,400
Cap Rate 7%
$1,870,286
Cap Rate 9%
$1,454,667
Alternative Uses
Best Use
Specialty Retail
$1.87M
$1.64M – $2.18M
NOI $130,920 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.44M
$3.01M – $4.02M
NOI $241,139 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
29,154 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
371k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 35%
Dining 25%
Shops & Services 23%
Home Improvements & Furnishings 9%
Walmart
Superstores
131,326 visits/mo
0.4 miles
QuikTrip
Shops & Services
50,846 visits/mo
0.2 miles
Raising Cane's Chicken Fingers
Dining
41,124 visits/mo
0.3 miles
Lowe's
Home Improvements & Furnishings
31,595 visits/mo
0.4 miles
Hen House
Groceries
23,637 visits/mo
0.2 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 - C-2-zoned restaurant property near major retail anchors and adjacent University of Kansas Urgent Care.
Where is this conventional restaurant located?
The property is located at 15225 West 134th Place Olathe, KS.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 11,656‑square‑foot freestanding restaurant building; 2.06‑acre site with 114 standard and 5 handicap parking spaces; C‑2 zoning supports restaurant, retail, entertainment, or adaptive reuse considerations
