Retail Building with Drive-In
New
For Sale
Contact for pricing
21700 Midland Dr, Shawnee, KS 66218
Drive-in access opens to an exterior storage and display area.
Property Size14,520 SF
Lot Size2.56 Acres
Price / SF$123.97
Days on Market3
Property Features for 21700 Midland Dr
General Information
Standard status
Active
Size
14,520 SF
Lot size
2.56 Acres
Property subtype
RETAIL
Additional Details
Road Access
Yes
Amenities
3 Drive-In Doors
large outside storage/display area
Listing Agency:
NAI Heartland | Kansas City
(913) 362-1000
Listed By:
Chad LaSala · License #00048940
(913) 956-5813
Source:
Moodyscre
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 16 at 2:18PM
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 NAI Heartland | Kansas City
Investment Insights
Based on property information with market context.
The retail property at 21700 Midland Dr includes a 14,520-square-foot building on 2.56 acres. Three drive-in doors connect directly with a substantial outdoor area used for storage and display. The parcel also provides more than 90 parking spaces for customers, staff, or site operations.
The property offers access toward Shawnee Mission Parkway and Monticello, with reported exposure to nearly 40,000 vehicles per day. Nearby retailers include Price Chopper, Walmart, and Ace Hardware, creating an established commercial setting for retail users. The combination of building area, outdoor storage/display capacity, drive-in functionality, and on-site parking supports a range of retail-oriented operations.
The property offers access toward Shawnee Mission Parkway and Monticello, with reported exposure to nearly 40,000 vehicles per day. Nearby retailers include Price Chopper, Walmart, and Ace Hardware, creating an established commercial setting for retail users. The combination of building area, outdoor storage/display capacity, drive-in functionality, and on-site parking supports a range of retail-oriented operations.
Key Highlights
- 14,520 SF building situated on 2.56 acres
- Three drive‑in doors serve a large outside storage/display area
- Over 90 parking spaces available on the parcel
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
$140,361
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
7.80%
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%
$2,807,220
$2.8M
Cap Rate 7%
$2,005,157
$2.0M
Cap Rate 9%
$1,559,567
$1.6M
Market Conditions
NOI Build-Up for 14,520 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
$209.1K $14.40/SF
− Vacancy
−$8.6K −$0.59/SF
EGI
$200.5K $13.81/SF
− OpEx
−$60.2K −$4.14/SF
NOI
$140.4K $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%
$2,807,220
Cap Rate 7%
$2,005,157
Cap Rate 9%
$1,559,567
Alternative Uses
Best Use
Retail
$2.01M
$1.75M – $2.34M
NOI $140,361 @ 7.0% cap · market cap 7.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.51M
$3.07M – $4.10M
NOI $245,988 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
120k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 56%
Shops & Services 40%
Beauty & Spa 4%
McDonald's
Dining
24,889 visits/mo
0.4 miles
Dollar Tree
Shops & Services
16,133 visits/mo
0.4 miles
Starbucks
Dining
14,233 visits/mo
0.1 miles
Wendy's
Dining
10,362 visits/mo
0.5 miles
Bank of America
Shops & Services
7,143 visits/mo
0.4 miles
Demographics for 66218, KS
9,558
Population
2,776
Households
3.4
Avg Household Size
36
Median Age
58%
College-Educated
97%
High-School Grad
10.5 sq mi
ZIP Area
910
Density / Sq Mi
$147,670
Median Household Income
$66,112
Median Earnings
$1,697
Median Rent
$408,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Retail space - Drive-in access opens to an exterior storage and display area.
Where is this retail space located?
The property is located at 21700 Midland Dr Shawnee, KS.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 14,520 SF building situated on 2.56 acres; Three drive‑in doors serve a large outside storage/display area; Over 90 parking spaces available on the parcel
