For Sale
$274,000
8860 Gallery Street, Lenexa, KS 66215
Residential, Traditional, Lenexa, KS
Property Size1,263 SF
Lot Size0.09 Acres
Price / SF$216.94
Days on Market17
Property Features for 8860 Gallery Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Basement, Bathroom 1, Bedroom 3, Family Room, Bedroom 2, Bathroom 3, Bedroom 1, Bathroom 2
Parking features
Open, Garage
Patio and Porch features
Deck
Interior features
Ceiling Fan(s), Painted Cabinets
Fencing
Privacy
Fireplace
1
Appliances
Dishwasher, Disposal, Microwave, Refrigerator, Electric Range, Stainless Steel Appliance(s)
Subdivision
Millcreek Estate
Lot features
Level
Elementary school
Rising Star
Middle school
Westridge
High school
SM West
Elementary school district
Shawnee Mission
Middle school district
Shawnee Mission
High school district
Shawnee Mission
Directions
From 87th Street, Turn South on Gallery Street, Follow Gallery Street to the Right, Duplex will be on the Right side. 8862 is the half duplex on the Right.
Standard status
Active
APN
IP48000000 0065A
Size
1,263 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
MILL CREEK ESTATES PT LT 65 BG NE COR S 35.30' W 115.00' N 35.09' E 115.00' TO POB
Tax Annual Amount
2052
Legal Description
MILL CREEK ESTATES PT LT 65 BG NE COR S 35.30' W 115.00' N 35.09' E 115.00' TO POB
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Electric
Water source
Public
Building Details
Year built
1986
Flooring type
Ceramic floor, Carpet, Vinyl
Building materials
Board & Batten Siding, Brick Trim, Lap Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
ReeceNichols -The Village · Berkshire Hathaway HomeServices
(913) 262-7755
Listed By:
Stephanie Low
(913) 221-1556
Added: Aug 26
Changed: Sep 11
Last Checked: Sep 11 at 12:06PM
MLS# 2638690
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.
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
$12,696
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
4.63%
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%
$253,920
$253.9K
Cap Rate 7%
$181,371
$181.4K
Cap Rate 9%
$141,067
$141.1K
Market Conditions
NOI Build-Up for 1,263 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
$23.9K $18.96/SF
− Vacancy
−$862 −$0.68/SF
EGI
$23.1K $18.28/SF
− OpEx
−$10.4K −$8.22/SF
NOI
$12.7K $10.05/SF
Area
Johnson County, KS
Vacancy
3.60%
Lease Rate
$18.96 /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%
$253,920
Cap Rate 7%
$181,371
Cap Rate 9%
$141,067
Alternative Uses
Best Use
Apartment 5plus
$181.4K
$158.7K – $211.6K
NOI $12,696 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$305.7K
$267.5K – $356.6K
NOI $21,397 @ 7.0% cap · market cap 7.81%
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
411
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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Frequently Asked Questions
Where is this single family property located?
The property is located at 8860 Gallery Street Lenexa, KS.
What is the asking price?
The asking price for this property is $274,000.
