Leased Flex Service
For Sale
Contact for pricing
601 N Lindenwood Drive, Olathe, KS 66062
Newer flex facility built in 2019 with Class A office finish, leased long term on a NNN basis.
Property Size18,750 SF
Price / SF$187.49
Days on Market55
Property Features for 601 N Lindenwood Drive
General Information
Standard status
Active
Size
18,750 SF
Class
A
Total Parking Spaces
79
Property subtype
Industrial
Zoning
M-2
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$246,085
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
7%
Building Details
Year Built
2019
Buildings
1
Tenancy
Single
Listing Agency:
Colliers - Kansas City, Missouri
Listed By:
John Stafford · License #MO 00228414
(913) 461-5229
Source:
Crexi
Added: Jul 16
Changed: Sep 8
Last Checked: Sep 7 at 4:29AM
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 Colliers - Kansas City, Missouri
Investment Insights
Based on property information with market context.
This for-sale, NNN investment property is a 2019-built flex service and demonstration center with Class A office finishes. The building is 100% leased to Rivian Automotive Inc. (NASDAQ: RIVN), and the lease includes 3.5 years (±) remaining. The tenant recently exercised the first (of two) 3-year, fixed-rate renewal options.
The property is located in an infill Johnson County setting with access via I-35 and Santa Fe Road.
The lease structure is NNN, with landlord responsibilities including structural repairs or replacement and HVAC replacement. Rent increases are scheduled at 2.0% annually.
The property is located in an infill Johnson County setting with access via I-35 and Santa Fe Road.
The lease structure is NNN, with landlord responsibilities including structural repairs or replacement and HVAC replacement. Rent increases are scheduled at 2.0% annually.
Key Highlights
- 100% leased to Rivian Automotive Inc (NASDAQ: RIVN) as a service and demonstration center
- Built in 2019 with Class A office finish
- NNN lease with 3.5± years remaining on the lease term
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
$192,465
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
5.47%
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%
$3,849,300
$3.8M
Cap Rate 7%
$2,749,500
$2.7M
Cap Rate 9%
$2,138,500
$2.1M
Market Conditions
NOI Build-Up for 18,750 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
$315.0K $16.80/SF
− Vacancy
−$18.9K −$1.01/SF
EGI
$296.1K $15.79/SF
− OpEx
−$103.6K −$5.53/SF
NOI
$192.5K $10.26/SF
Area
Olathe, KS
Vacancy
6.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$3,849,300
Cap Rate 7%
$2,749,500
Cap Rate 9%
$2,138,500
Alternative Uses
Best Use
Flex RnD
$2.75M
$2.41M – $3.21M
NOI $192,465 @ 7.0% cap · market cap 5.47%
Second Best
Warehouse
$2.08M
$1.82M – $2.42M
NOI $145,350 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$5.54M
$4.85M – $6.47M
NOI $387,900 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,209
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Newer flex facility built in 2019 with Class A office finish, leased long term on a NNN basis.
Where is this flex space located?
The property is located at 601 N Lindenwood Drive Olathe, KS.
What is the asking price?
The asking price for this property is $3,515,503.
What are key features of this property?
This property features: 100% leased to Rivian Automotive Inc (NASDAQ: RIVN) as a service and demonstration center; Built in 2019 with Class A office finish; NNN lease with 3.5± years remaining on the lease term
