Updated Half-Duplex with
For Sale
$225,000
Pending
515 S Cardinal Drive, Olathe, KS 66062
Residential, Traditional, Olathe, KS
Property Size1,109 SF
Lot Size0.12 Acres
Days on Market100
Property Features for 515 S Cardinal Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Basement, Bedroom 3, Bedroom 1, Bedroom 2
Parking features
Open, Garage
Fencing
Privacy
Basement
Concrete, Full
Subdivision
Havencroft South
High school
Olathe South
Elementary school district
Olathe
Middle school district
Olathe
High school district
Olathe
Directions
Mur Len South to Cedar Street. West to Cardinal. South to home on West side of street.
Standard status
Pending
APN
DP30000014-0013A
Size
1,109 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
HAVENCROFT S 1/2 LT 13 BLK 14 OLC 634 14 13A
Tax Annual Amount
2250
Legal Description
HAVENCROFT S 1/2 LT 13 BLK 14 OLC 634 14 13A
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air, Gas (Cooling), Electric
Water source
Public
Amenities
covered patio
Building Details
Year built
1969
Flooring type
Ceramic floor, Carpet
Building materials
Board & Batten Siding, Wood Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
Platinum Realty LLC
(888) 220-0988
Listed By:
Amy Bible · License #SP00231630
(913) 548-6821
Added: May 22
Changed: Aug 28
Last Checked: Aug 29 at 11:06AM
MLS# 2621978
Copyright © 2026 Heartland Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This half-duplex offers 1,109 square feet with three bedrooms, a bathroom, and a basement. Recent improvements include new paint, carpet, and bathroom tile, along with a newer window. The home has vinyl-style board and batten and wood siding, a composition roof, central air, and natural-gas heating. Ceramic flooring complements the carpeted areas.
Outdoor features include a newly added covered patio, a privacy fence, and a yard with grass planted. Parking includes both an open area and a garage. Public water and public sewer serve the property, which was built in 1969 on 0.1239 acres.
Outdoor features include a newly added covered patio, a privacy fence, and a yard with grass planted. Parking includes both an open area and a garage. Public water and public sewer serve the property, which was built in 1969 on 0.1239 acres.
Key Highlights
- 1,109‑square‑foot half‑duplex with three bedrooms and a basement
- New paint, carpet, and bathroom tile, plus a newer window
- New covered patio and privacy‑fenced yard
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
$11,800
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
5.24%
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%
$236,000
$236.0K
Cap Rate 7%
$168,571
$168.6K
Cap Rate 9%
$131,111
$131.1K
Market Conditions
NOI Build-Up for 1,109 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
$18.0K $16.20/SF
− Vacancy
−$1.1K −$1.00/SF
EGI
$16.9K $15.20/SF
− OpEx
−$5.1K −$4.56/SF
NOI
$11.8K $10.64/SF
Area
Olathe, KS
Vacancy
6.17%
Lease Rate
$16.20 /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%
$236,000
Cap Rate 7%
$168,571
Cap Rate 9%
$131,111
Alternative Uses
Best Use
Multifamily LT 5
$168.6K
$147.5K – $196.7K
NOI $11,800 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$146.6K
$128.3K – $171.1K
NOI $10,265 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$327.8K
$286.8K – $382.4K
NOI $22,943 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Three-bedroom half-duplex with recent interior updates, a covered patio, fenced yard, and garage parking.
Where is this duplex located?
The property is located at 515 S Cardinal Drive Olathe, KS.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 1,109‑square‑foot half‑duplex with three bedrooms and a basement; New paint, carpet, and bathroom tile, plus a newer window; New covered patio and privacy‑fenced yard
