Building Details

Year Built 2001

Buildings 1

Stories 2

Building Size 18,429 SF

Construction masonry

Tenancy Multi

Parking Ratio 4.1 per 1,000 SF

Owner Occupied No

Listing Agency: Colliers | Kansas City Show Phone

Listed By: Matt Stover · License #00055108 Show Phone

Source: Moodyscre

Added: Oct 14 Changed: Oct 16 Last Checked: Oct 16 at 2:23PM

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Investment Insights

Based on property information with market context.

Set on 1.53 acres in Corporate Lakes Business Park, this two-level office property contains 18,429 rentable square feet. Masonry construction dates to 2001, and the building has a passenger elevator. Five suites are occupied by three tenants, providing an existing rental component alongside potential space for an owner’s operations.

The property is at 6720 W. 121st Street in Overland Park, Kansas. CP-0 zoning designates the site as a Planned Office Building District. On-site parking includes 77 surface spaces, with a stated ratio of 4.1 spaces per 1,000 square feet.

Key Highlights

• 18,429 rentable square feet across two floors
• Five office suites occupied by three tenants
• 1.53‑acre site in Corporate Lakes Business Park, Overland Park, Kansas

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$254,126

Cap Rate

6.35%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,082,520 $5.1M

Cap Rate 7%

$3,630,371 $3.6M

Cap Rate 9%

$2,823,622 $2.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 18,429 SF

Gross rent

$424.6K $23.04/SF

− Vacancy

−$85.8K −$4.65/SF

EGI

$338.8K $18.39/SF

− OpEx

−$84.7K −$4.60/SF

NOI

$254.1K $13.79/SF

Area

Johnson County, KS

Vacancy

20.20%

Lease Rate

$23.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,082,520

Cap Rate 7%

$3,630,371

Cap Rate 9%

$2,823,622

Alternative Uses

Best Use

Office B

$3.63M

$3.18M – $4.24M (±1% cap)

NOI $254,126 @ 7.0% cap · market cap 6.35%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$4.46M

$3.90M – $5.20M (±1% cap)

NOI $312,211 @ 7.0% cap · market cap 7.81%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Real Estate Agency Building Supply Auto Repair Shop Big Box & Wholesale Store Auto Parts Store Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Office units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,895

Businesses Nearby

Explore this area Business Placement

Demographics for 66209, KS

20,056

Population

8,683

Households

2.3

Avg Household Size

48

Median Age

75%

College-Educated

98%

High-School Grad

6.5 sq mi

ZIP Area

3,086

Density / Sq Mi

$148,081

Median Household Income

$76,040

Median Earnings

$1,465

Median Rent

$554,300

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Multiple office suites, surface parking, and current tenants support a flexible occupancy arrangement.

Where is this office building located?

The property is located at 6720 W 121st St Leawood, KS.

What is the asking price?

The asking price for this property is $4,000,000.

What are key features of this property?

This property features: 18,429 rentable square feet across two floors; Five office suites occupied by three tenants; 1.53‑acre site in Corporate Lakes Business Park, Overland Park, Kansas