Multifamily Property with Finished
New
For Sale
$275,000
513 S Cardinal Dr, Olathe, KS 66062
Updated split-level layout with a finished lower level, refreshed interior finishes, and two full bathrooms.
Property Size1,909 SF
Price / SF$144.05
Days on Market2
Property Features for 513 S Cardinal Dr
General Information
Standard status
Active
Size
1,909 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
1
Building Details
Year Built
1969
Listing Agency:
Keller Williams Platinum Prtnr
(816) 837-0093
Listed By:
Amy Arndorfer · License #2000156181
(816) 224-5650
Source:
Amysold
Added: Sep 12
Last Checked: Sep 12 at 2:21PM
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 Keller Williams Platinum Prtnr
Investment Insights
Based on property information with market context.
This 1,909-square-foot multifamily property, built in 1969, offers a split-level configuration with three bedrooms, two full bathrooms, and a finished basement. The main living area connects to a kitchen featuring butcher block countertops, Luxury Vinyl Plank flooring, and a dishwasher, with room for an island and dedicated dining area. The lower level adds a second full bathroom, recessed lighting, and flexible finished space. A washer and dryer are included.
Recent property updates include interior painting, carpeting, replacement windows installed within the last three years, and new gutters added in 2023. The sewer line has been repaired where needed and cleaned, the HVAC system has been serviced, and the roof has been inspected. The property is located at 513 S Cardinal Dr, Olathe, KS 66062.
Recent property updates include interior painting, carpeting, replacement windows installed within the last three years, and new gutters added in 2023. The sewer line has been repaired where needed and cleaned, the HVAC system has been serviced, and the roof has been inspected. The property is located at 513 S Cardinal Dr, Olathe, KS 66062.
Key Highlights
- 1,909 SF multifamily property built in 1969
- Three‑bedroom, two‑full‑bath split‑level layout
- Finished basement with recessed lighting and Luxury Vinyl Plank flooring
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
$17,671
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
6.43%
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%
$353,420
$353.4K
Cap Rate 7%
$252,443
$252.4K
Cap Rate 9%
$196,344
$196.3K
Market Conditions
NOI Build-Up for 1,909 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
$34.4K $18.00/SF
− Vacancy
−$2.2K −$1.17/SF
EGI
$32.1K $16.83/SF
− OpEx
−$14.5K −$7.57/SF
NOI
$17.7K $9.26/SF
Area
Olathe, KS
Vacancy
6.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$353,420
Cap Rate 7%
$252,443
Cap Rate 9%
$196,344
Alternative Uses
Best Use
Apartment 5plus
$252.4K
$220.9K – $294.5K
NOI $17,671 @ 7.0% cap · market cap 6.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$564.2K
$493.7K – $658.2K
NOI $39,493 @ 7.0% cap · market cap 14.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,021
Businesses Nearby
Explore this area
Business Placement
Demographics for 66062, KS
77,553
Population
29,350
Households
2.6
Avg Household Size
36
Median Age
53%
College-Educated
96%
High-School Grad
42.1 sq mi
ZIP Area
1,842
Density / Sq Mi
$116,248
Median Household Income
$55,718
Median Earnings
$1,349
Median Rent
$342,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Updated split-level layout with a finished lower level, refreshed interior finishes, and two full bathrooms.
Where is this multifamily property located?
The property is located at 513 S Cardinal Dr Olathe, KS.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 1,909 SF multifamily property built in 1969; Three‑bedroom, two‑full‑bath split‑level layout; Finished basement with recessed lighting and Luxury Vinyl Plank flooring
