Walgreens NNN Lease
For Sale
$6,992,986
4016 W 95th Street, Overland Park, KS 66207
NNN leased Walgreens in high-traffic Kansas City area.
Property Size14,820 SF
Price / SF$471.86
Days on Market276
Property Features for 4016 W 95th Street
General Information
Standard status
Active
Size
14,820 SF
Property subtype
Retail
Building Details
Building Size
14,820 SF
Year Built
2010
Listing Agency:
(310) 709-1723
Listed By:
Dan Spell · License #CalDRE #01062917
(310) 709-1723
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Aug 17
Last Checked: Aug 24 at 4:33AM
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 Dan Spell
Investment Insights
Based on property information with market context.
Located in the Kansas City MSA, this property presents an opportunity for retail investors. Situated in Prairie Village, Kansas, the surrounding neighborhood benefits from a vibrant community and a strong consumer base. Prairie Village is a first-tier suburban city in Johnson County, Kansas, bordered by Overland Park, Kansas, and Kansas City, Missouri. The area has a high population and housing density compared to nearby suburbs. Development opportunities are limited, and older areas are subject to redevelopment pressures. The property features a Walgreens with a 10+ year NNN lease with zero landlord responsibilities and a corporate guaranty. The Walgreens has been operating since 2010 and is equipped with a drive-thru. The property is located in a high-traffic area, with W. 95th St. seeing 18,400 cars per day and Mission Rd. seeing 17,000 cars per day. The average household income in the area is $152,586. The property size is 14,820 square feet.
Key Highlights
- Walgreens 10+ Year NNN Lease (Zero Landlord Responsibilities)
- Walgreens Corporate Guaranty
- Located in a High Traffic Area (W. 95th St. 18,400 CPD, Mission Rd. 17,000 CPD)
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
$200,604
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
2.87%
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%
$4,012,080
$4.0M
Cap Rate 7%
$2,865,771
$2.9M
Cap Rate 9%
$2,228,933
$2.2M
Market Conditions
NOI Build-Up for 14,820 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
$284.5K $19.20/SF
− Vacancy
−$17.1K −$1.15/SF
EGI
$267.5K $18.05/SF
− OpEx
−$66.9K −$4.51/SF
NOI
$200.6K $13.54/SF
Area
Overland Park, KS
Vacancy
6.00%
Lease Rate
$19.20 /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%
$4,012,080
Cap Rate 7%
$2,865,771
Cap Rate 9%
$2,228,933
Alternative Uses
Best Use
Specialty Retail
$2.87M
$2.51M – $3.34M
NOI $200,604 @ 7.0% cap · market cap 2.87%
Second Best
Retail
$2.47M
$2.16M – $2.88M
NOI $172,727 @ 7.0% cap · market cap 2.47%
Theoretical Best
Office A
$3.82M
$3.34M – $4.45M
NOI $267,294 @ 7.0% cap · market cap 3.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
65k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Shops & Services 35%
Home Improvements & Furnishings 16%
Beauty & Spa 1%
McDonald's
Dining
14,500 visits/mo
0.0 miles
Starbucks
Dining
10,947 visits/mo
0.1 miles
Ranch Mart Ace Hardware
Home Improvements & Furnishings
10,684 visits/mo
0.2 miles
Hallmark
Shops & Services
7,907 visits/mo
0.0 miles
Pet Supplies Plus
Shops & Services
5,538 visits/mo
0.2 miles
Demographics for 66207, KS
14,519
Population
6,455
Households
2.2
Avg Household Size
43
Median Age
70%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
3,156
Density / Sq Mi
$121,381
Median Household Income
$63,345
Median Earnings
$1,880
Median Rent
$400,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- CVS Pharmacy — 9521 Mission Rd, Overland Park, KS 66206
- COVID-19 Drive-Thru Testing at Walgreens — 4016 W 95th St, Prairie Village, KS 66207
- CVS — 9521 Mission Rd, Overland Park, KS 66206
- Zachary M. Kissel, Pharm — 4016 W 95th St, Prairie Village, KS 66206
- Heidi A. Williams, PharmD — 4016 W 95th St, Prairie Village, KS 66206, United States
Frequently Asked Questions
What type of property is this?
Drug store - NNN leased Walgreens in high-traffic Kansas City area.
Where is this drug store located?
The property is located at 4016 W 95th Street Overland Park, KS.
What is the asking price?
The asking price for this property is $6,992,986.
What are key features of this property?
This property features: Walgreens 10+ Year NNN Lease (Zero Landlord Responsibilities); Walgreens Corporate Guaranty; Located in a High Traffic Area (W. 95th St. 18,400 CPD, Mission Rd. 17,000 CPD)
