4800 Rainbow Boulevard, Westwood, KS 66205

Building Details

Year Built 1966 More

Buildings 1 More

Stories 2 More

Building Size 10,920 SF More

Tenancy Multi More

Listing Agency: Boulevard Residential c***@boulevardkc.com

Listed By: Timothy Kelly · License KS #00003395 Show Phone

Source: Jimbishop

Added: Oct 29 Changed: Nov 7 Last Checked: Nov 8 at 8:46PM

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Investment Insights

Based on property information with market context.

At 4800 Rainbow Boulevard in Westwood, this 10,920-square-foot office building is arranged for multiple tenants. Constructed in 1966, the property carries CO zoning.

Occupancy has historically stayed above 90%, providing a record of sustained use for the building.

Key Highlights

• 10,920 square feet of office space
• Multi‑tenant building configuration
• Built in 1966

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$150,581

Cap Rate

8.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,011,620 $3.0M

Cap Rate 7%

$2,151,157 $2.2M

Cap Rate 9%

$1,673,122 $1.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 10,920 SF

Gross rent

$251.6K $23.04/SF

− Vacancy

−$50.8K −$4.65/SF

EGI

$200.8K $18.39/SF

− OpEx

−$50.2K −$4.60/SF

NOI

$150.6K $13.79/SF

Area

Johnson County, KS

Vacancy

20.20%

Lease Rate

$23.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,011,620

Cap Rate 7%

$2,151,157

Cap Rate 9%

$1,673,122

Alternative Uses

Best Use

Office B

$2.15M

$1.88M – $2.51M (±1% cap)

NOI $150,581 @ 7.0% cap · market cap 8.39%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.64M

$2.31M – $3.08M (±1% cap)

NOI $184,999 @ 7.0% cap · market cap 10.31%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick Building Supply Auto Repair Shop Auto Parts Store Big Box & Wholesale Store Storage Facility Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

515

Businesses Nearby

Explore this area Business Placement

Demographics for 66205, KS

13,929

Population

6,470

Households

2.2

Avg Household Size

37

Median Age

67%

College-Educated

97%

High-School Grad

3.7 sq mi

ZIP Area

3,765

Density / Sq Mi

$100,139

Median Household Income

$66,075

Median Earnings

$1,639

Median Rent

$341,500

Median Home Value

Market

Properties on Market for Office buildings in Johnson County

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Frequently Asked Questions

What type of property is this?

Office building - The building accommodates multiple office tenants under CO zoning.

Where is this office building located?

The property is located at 4800 Rainbow Boulevard Westwood, KS.

What is the asking price?

The asking price for this property is $1,795,000.

What are key features of this property?

This property features: 10,920 square feet of office space; Multi‑tenant building configuration; Built in 1966