Residential Income Duplex with Main-Floor
For Sale
$315,000
8309 W 121 Street, Overland Park, KS 66213
Residential, Overland Park, KS
Property Size1,650 SF
Lot Size0.11 Acres
Price / SF$190.91
Days on Market19
Property Features for 8309 W 121 Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bathroom 3, Bedroom 1, Bathroom 2, Basement, Bedroom 3, Bathroom 1
Fireplace
1
Basement
Unfinished
Subdivision
Sumarlee Estates
Elementary school
Valley Park
Middle school
Overland Trail
High school
Blue Valley North
Elementary school district
Blue Valley
Middle school district
Blue Valley
High school district
Blue Valley
Directions
From Antioch, turn east on 120 St., then right, and the house will be on the right
Standard status
Active
APN
NP82400004-0011
Size
1,650 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
SUMARLEE ESTATES E 40' LT 11 BLK 4 OPC 447 4 11
Tax Annual Amount
3637
HOA Fee
$86 Monthly
Legal Description
SUMARLEE ESTATES E 40' LT 11 BLK 4 OPC 447 4 11
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Electric
Water source
Public
Building Details
Year built
1984
Flooring type
Carpet
Building materials
Board & Batten Siding
Roof type
Composition
Listing Agency:
Compass Realty Group
(816) 280-2773
Listed By:
Lauren Hruby
(816) 529-6174
Added: Sep 16
Changed: Sep 29
Last Checked: Oct 4 at 8:06PM
MLS# 2642484
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 1,650-square-foot half-duplex has three bedrooms and 2.5 bathrooms, with a primary suite and laundry on the main floor. Two more bedrooms and a full bathroom are located upstairs. The unfinished basement has plumbing stubbed for a future bathroom. Built in 1984, the home also features forced-air heating, electric cooling, a fireplace, composition roofing, and board-and-batten siding.
The 0.1103-acre property is in Overland Park’s Westmont community and within the Blue Valley School District. Highway 69, shopping, dining, parks, and entertainment are identified as nearby destinations. HOA services include lawn care, trash collection, and snow removal.
The 0.1103-acre property is in Overland Park’s Westmont community and within the Blue Valley School District. Highway 69, shopping, dining, parks, and entertainment are identified as nearby destinations. HOA services include lawn care, trash collection, and snow removal.
Key Highlights
- 1,650‑square‑foot half‑duplex with 3 bedrooms and 2.5 bathrooms
- Main‑floor primary suite and laundry
- Unfinished basement with bathroom plumbing rough‑in
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
$17,310
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
5.50%
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%
$346,200
$346.2K
Cap Rate 7%
$247,286
$247.3K
Cap Rate 9%
$192,333
$192.3K
Market Conditions
NOI Build-Up for 1,650 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
$33.7K $20.40/SF
− Vacancy
−$2.2K −$1.33/SF
EGI
$31.5K $19.07/SF
− OpEx
−$14.2K −$8.58/SF
NOI
$17.3K $10.49/SF
Area
Overland Park, KS
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$346,200
Cap Rate 7%
$247,286
Cap Rate 9%
$192,333
Alternative Uses
Best Use
Apartment 5plus
$247.3K
$216.4K – $288.5K
NOI $17,310 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$425.1K
$372.0K – $496.0K
NOI $29,759 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
688
Businesses Nearby
Explore this area
Business Placement
Demographics for 66213, KS
30,987
Population
13,678
Households
2.3
Avg Household Size
39
Median Age
69%
College-Educated
98%
High-School Grad
7.8 sq mi
ZIP Area
3,973
Density / Sq Mi
$114,926
Median Household Income
$61,513
Median Earnings
$1,554
Median Rent
$445,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The half-duplex includes two additional upstairs bedrooms and an unfinished basement with a bathroom rough-in.
Where is this residential income property located?
The property is located at 8309 W 121 Street Overland Park, KS.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 1,650‑square‑foot half‑duplex with 3 bedrooms and 2.5 bathrooms; Main‑floor primary suite and laundry; Unfinished basement with bathroom plumbing rough‑in
