Retail Property with
For Sale
Contact for pricing
15520 College Blvd, Lenexa, KS 66219
Well-sized retail building offered for sale, totaling 20,610 square feet for income-oriented buyers.
Property Size20,610 SF
Price / SF$135.86
Days on Market98
Property Features for 15520 College Blvd
General Information
Standard status
Active
Size
20,610 SF
Property subtype
Retail
Additional Details
Cap Rate
6.5%
Listing Agency:
Reece Commercial
Listed By:
Jim Thome · License #KS
(913) 548-8700
Source:
Crexi
Added: Jun 16
Changed: Sep 18
Last Checked: Sep 21 at 4:50AM
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 Reece Commercial
Investment Insights
Based on property information with market context.
This retail property consists of 20,610 square feet and is offered for sale. The asset is categorized as retail/storefront commercial real estate, suited for tenants seeking a dedicated retail setting within a defined building footprint.
The property is located at 15520 College Blvd in Lenexa, Kansas (66219). Because specific frontage, ingress/egress details, and nearby tenant context are not provided, prospective buyers should perform site review to confirm access points, storefront orientation, and visibility from College Blvd.
For buyers and operators evaluating retail ownership, the property’s single-building, storefront-focused configuration can support a range of retail uses consistent with its classification. The listing is presented for sale at $2,800,000, and includes a stated “6.50% CAP” figure in the public remarks; interested parties should review offering materials and confirm all financial assumptions and lease details as applicable. As with any retail investment, due diligence on current or prospective tenant requirements, unit configurations, and operating costs will be important to determine fit and expected performance.
The property is located at 15520 College Blvd in Lenexa, Kansas (66219). Because specific frontage, ingress/egress details, and nearby tenant context are not provided, prospective buyers should perform site review to confirm access points, storefront orientation, and visibility from College Blvd.
For buyers and operators evaluating retail ownership, the property’s single-building, storefront-focused configuration can support a range of retail uses consistent with its classification. The listing is presented for sale at $2,800,000, and includes a stated “6.50% CAP” figure in the public remarks; interested parties should review offering materials and confirm all financial assumptions and lease details as applicable. As with any retail investment, due diligence on current or prospective tenant requirements, unit configurations, and operating costs will be important to determine fit and expected performance.
Key Highlights
- Retail building for sale totaling 20,610 sq ft
- Listed as a 6.50% cap rate property
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
$199,231
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
7.12%
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%
$3,984,620
$4.0M
Cap Rate 7%
$2,846,157
$2.8M
Cap Rate 9%
$2,213,678
$2.2M
Market Conditions
NOI Build-Up for 20,610 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
$296.8K $14.40/SF
− Vacancy
−$12.2K −$0.59/SF
EGI
$284.6K $13.81/SF
− OpEx
−$85.4K −$4.14/SF
NOI
$199.2K $9.67/SF
Area
Johnson County, KS
Vacancy
4.10%
Lease Rate
$14.40 /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%
$3,984,620
Cap Rate 7%
$2,846,157
Cap Rate 9%
$2,213,678
Alternative Uses
Best Use
Retail
$2.85M
$2.49M – $3.32M
NOI $199,231 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.99M
$4.36M – $5.82M
NOI $349,160 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
17k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 82%
Dining 18%
Lenexa #4
Shops & Services
13,698 visits/mo
0.3 miles
Jimmy John's
Dining
2,936 visits/mo
0.2 miles
Demographics for 66219, KS
13,378
Population
7,044
Households
1.9
Avg Household Size
36
Median Age
55%
College-Educated
98%
High-School Grad
8.3 sq mi
ZIP Area
1,612
Density / Sq Mi
$91,144
Median Household Income
$59,148
Median Earnings
$1,458
Median Rent
$370,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Retail space - Well-sized retail building offered for sale, totaling 20,610 square feet for income-oriented buyers.
Where is this retail space located?
The property is located at 15520 College Blvd Lenexa, KS.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Retail building for sale totaling 20,610 sq ft; Listed as a 6.50% cap rate property
