Updated Duplex with Finished
For Sale
$399,000
8592 Caenen Lake Court, Lenexa, KS 66215
Residential, Lenexa, KS
Property Size2,138 SF
Lot Size0.06 Acres
Price / SF$186.62
Days on Market30
Property Features for 8592 Caenen Lake Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 3, Game Room, Bathroom 2, Bedroom 2, Bathroom 1, Dining Room, Bedroom 1, Basement
Patio and Porch features
Patio
Fireplace
1
Basement
Finished
Subdivision
Westchester
Lot features
Sprinkler- In Ground
Elementary school district
Shawnee Mission
Middle school district
Shawnee Mission
High school district
Shawnee Mission
Directions
From 87th St & I-35 go west to Hauser, then north/ right to gated community at the back end of the road. 87th St & Hauser is the main intersection.
Standard status
Active
APN
IP84300000-100TB
Size
2,138 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
WESTCHESTER COURTS CERT OF SUR AS REC BK 2434 P 533 1ST PLAT LT 1 AND SECOND PLAT LT 10 TRACT B LEC 784 2 1 B
Tax Annual Amount
4200
HOA Fee
$301 Monthly
Legal Description
WESTCHESTER COURTS CERT OF SUR AS REC BK 2434 P 533 1ST PLAT LT 1 AND SECOND PLAT LT 10 TRACT B LEC 784 2 1 B
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric
Water source
Public
Amenities
gated community
pool
maintenance provided
Building Details
Year built
1985
Building materials
Brick Trim, Stucco, Wood Siding
Roof type
Composition
Listing Agency:
Weichert, Realtors Welch & Co.
(913) 647-5700
Listed By:
Bridget Brown-Kiggins · License #SP00229554
(913) 231-6129
Added: Aug 19
Changed: Sep 15
Last Checked: Sep 17 at 7:06AM
MLS# 2637611
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 2,138-square-foot duplex, built in 1985, offers a three-bedroom layout with three bathrooms, a dining room, game room, and basement. Recent improvements include new appliances, carpet, tile, flooring in the bathrooms, light fixtures, and interior paint. The finished basement includes an updated full bathroom, bonus room, and a third conforming bedroom with an egress window scheduled for installation or completion before closing.
The property occupies 0.061 acres on a private street within a gated community with maintenance provided and a neighborhood pool. Exterior construction includes brick trim, stucco, and wood siding, while the home features natural-gas heating, electric cooling, a patio, composition roofing, public water, and public sewer.
The property occupies 0.061 acres on a private street within a gated community with maintenance provided and a neighborhood pool. Exterior construction includes brick trim, stucco, and wood siding, while the home features natural-gas heating, electric cooling, a patio, composition roofing, public water, and public sewer.
Key Highlights
- 2,138 SF duplex built in 1985
- Three bedrooms and three bathrooms, including a basement bedroom
- Finished basement with bonus room and updated full bathroom
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
$22,911
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
5.74%
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%
$458,220
$458.2K
Cap Rate 7%
$327,300
$327.3K
Cap Rate 9%
$254,567
$254.6K
Market Conditions
NOI Build-Up for 2,138 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
$34.6K $16.20/SF
− Vacancy
−$1.9K −$0.89/SF
EGI
$32.7K $15.31/SF
− OpEx
−$9.8K −$4.59/SF
NOI
$22.9K $10.72/SF
Area
Johnson County, KS
Vacancy
5.50%
Lease Rate
$16.20 /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%
$458,220
Cap Rate 7%
$327,300
Cap Rate 9%
$254,567
Alternative Uses
Best Use
Multifamily LT 5
$327.3K
$286.4K – $381.9K
NOI $22,911 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$307.0K
$268.7K – $358.2K
NOI $21,492 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$517.4K
$452.8K – $603.7K
NOI $36,221 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
850
Businesses Nearby
Explore this area
Business Placement
Demographics for 66215, KS
26,351
Population
11,945
Households
2.2
Avg Household Size
40
Median Age
51%
College-Educated
96%
High-School Grad
8.1 sq mi
ZIP Area
3,253
Density / Sq Mi
$89,065
Median Household Income
$48,448
Median Earnings
$1,420
Median Rent
$311,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Gated-community duplex with refreshed interiors, a finished basement, and access to a neighborhood pool.
Where is this duplex located?
The property is located at 8592 Caenen Lake Court Lenexa, KS.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 2,138 SF duplex built in 1985; Three bedrooms and three bathrooms, including a basement bedroom; Finished basement with bonus room and updated full bathroom
