Leased Flex Service
601 N Lindenwood Dr Olathe, KS 66062
601 N Lindenwood Dr, Olathe, KS, 66062
Contact for pricing
For Sale
Contact for pricing
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 Market8
Property Features for 601 N Lindenwood Dr
General Information
- Standard status
- Active
- Size
- 18,750 SF
- Property subtype
- INDUSTRIAL
Listing agency
Colliers | Fort Myers
(913) 461-5229
Listed by
John Stafford, SIOR · License #00241790
(913) 461-5229
Source
Moodyscre
Added: Jul 16 Updated: Jul 23 at 2:57AM Checked: Jul 23 at 2:57AM
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 | Fort Myers
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
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $405.0k | $21.60 |
| − Vacancy | −$60.8k | −$3.24 |
| EGI | $344.3k | $18.36 |
| − OpEx | −$86.1k | −$4.59 |
| NOI | $258.2k | $13.77 |
18,750 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.69M
$3.23M – $4.30M
NOI $258,188 @ 7.0% cap · market cap 7.34%
Second Best
Flex RnD
$2.75M
$2.41M – $3.21M
NOI $192,465 @ 7.0% cap · market cap 5.47%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Lanpher Residence Hall
Student Dormitory
Rivian Service Center
Auto Repair Shop
Similar For Sale Nearby
Similar Off Market Nearby
- Two Guys and a Grill — 109 N Chester St, Olathe, KS 66061
FAQs
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 Dr 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
