Industrial Building For
For Sale
$1,600,000
5439 Merriam Drive, Shawnee, KS 66203
15037 square foot industrial building available for purchase.
Property Size15,037 SF
Price / SF$106.40
Days on Market161
Property Features for 5439 Merriam Drive
General Information
Standard status
Active
Size
15,037 SF
Property subtype
Industrial
Listing Agency:
CBRE - Kansas City
(816) 756-3535
Listed By:
Ben Whetstone · License #00231917
(816) 756-3535
Source:
Cbre
Added: Mar 25
Changed: Aug 22
Last Checked: Aug 31 at 1:15PM
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 CBRE - Kansas City
Investment Insights
Based on property information with market context.
A 15037 square foot industrial building is available for sale in Merriam, Kansas.
Key Highlights
- Building for sale
- Located in Merriam, KS
- 15037 Building
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
$56,535
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
3.53%
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%
$1,130,700
$1.1M
Cap Rate 7%
$807,643
$807.6K
Cap Rate 9%
$628,167
$628.2K
Market Conditions
NOI Build-Up for 15,037 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
$86.0K $5.72/SF
− Vacancy
−$5.2K −$0.35/SF
EGI
$80.8K $5.37/SF
− OpEx
−$24.2K −$1.61/SF
NOI
$56.5K $3.76/SF
Area
Johnson County, KS
Vacancy
6.10%
Lease Rate
$5.72 /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%
$1,130,700
Cap Rate 7%
$807,643
Cap Rate 9%
$628,167
Alternative Uses
Best Use
Industrial
$807.6K
$706.7K – $942.3K
NOI $56,535 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.64M
$3.18M – $4.25M
NOI $254,747 @ 7.0% cap · market cap 15.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
773
Businesses Nearby
Explore this area
Business Placement
Demographics for 66203, KS
19,439
Population
8,419
Households
2.3
Avg Household Size
39
Median Age
34%
College-Educated
94%
High-School Grad
6.3 sq mi
ZIP Area
3,086
Density / Sq Mi
$76,590
Median Household Income
$45,615
Median Earnings
$1,183
Median Rent
$235,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - 15037 square foot industrial building available for purchase.
Where is this industrial property located?
The property is located at 5439 Merriam Drive Shawnee, KS.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Building for sale; Located in Merriam, KS; 15037 Building
