Overland Park Office Building For
For Sale
$1,975,000
15940 College Boulevard, Overland Park, KS 66210
Two-story office building with recent upgrades in Overland Park.
Property Size12,920 SF
Price / SF$152.86
Days on Market149
Property Features for 15940 College Boulevard
General Information
Standard status
Active
Size
12,920 SF
Property subtype
Office
Listing Agency:
CBRE - Kansas City
(816) 968-5821
Listed By:
Bob Fagan · License #00247020
(816) 968-5821
Source:
Cbre
Added: Mar 25
Changed: Jul 10
Last Checked: Aug 19 at 6:30AM
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.
This two-story office building offers 12,920 square feet of space. The property features an elevator for accessibility between floors. The HVAC system has been updated periodically since 2014. In 2016, the exterior was upgraded to EFIS. A new roof was installed in 2018, and the parking lot was installed in 2020.
Key Highlights
- New Price: $1,975,000
- 12,920± RSF**
- 2 story with elevator**
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
$163,809
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
8.29%
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%
$3,276,180
$3.3M
Cap Rate 7%
$2,340,129
$2.3M
Cap Rate 9%
$1,820,100
$1.8M
Market Conditions
NOI Build-Up for 12,920 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
$271.3K $21.00/SF
− Vacancy
−$52.9K −$4.10/SF
EGI
$218.4K $16.90/SF
− OpEx
−$54.6K −$4.23/SF
NOI
$163.8K $12.68/SF
Area
Overland Park, KS
Vacancy
19.50%
Lease Rate
$21.00 /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%
$3,276,180
Cap Rate 7%
$2,340,129
Cap Rate 9%
$1,820,100
Alternative Uses
Best Use
Office B
$2.34M
$2.05M – $2.73M
NOI $163,809 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.33M
$2.91M – $3.88M
NOI $233,025 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
542
Businesses Nearby
Explore this area
Business Placement
Demographics for 66210, KS
19,057
Population
9,700
Households
2
Avg Household Size
39
Median Age
62%
College-Educated
98%
High-School Grad
6.1 sq mi
ZIP Area
3,124
Density / Sq Mi
$93,368
Median Household Income
$54,948
Median Earnings
$1,407
Median Rent
$345,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with recent upgrades in Overland Park.
Where is this office building located?
The property is located at 15940 College Boulevard Overland Park, KS.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: New Price: $1,975,000; 12,920± RSF**; 2 story with elevator**
