Updated Half
For Sale
$264,000
8862 Gallery Street, Lenexa, KS 66215
Residential, Traditional, Lenexa, KS
Property Size1,263 SF
Lot Size0.09 Acres
Price / SF$209.03
Days on Market18
Property Features for 8862 Gallery Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Basement, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 1, Family Room, Bathroom 2
Parking features
Garage, Open
Window features
Window Coverings
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 Left.
Standard status
Active
APN
IP48000000 0065
Size
1,263 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
MILL CREEK ESTATES PT LT 65 BG NE COR 35.30' S TO POB W 115.00' S 34.91' E 115.00' N 34.70 TO POB
Tax Annual Amount
2052
Legal Description
MILL CREEK ESTATES PT LT 65 BG NE COR 35.30' S TO POB W 115.00' S 34.91' E 115.00' N 34.70 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 25
Changed: Sep 11
Last Checked: Sep 11 at 6:06AM
MLS# 2638700
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 1,263-square-foot half duplex was recently split from a larger property and includes three bedrooms, a breakfast room, family room, two bathrooms, and a basement. Interior improvements include granite kitchen and primary-bath countertops, stainless steel appliances, subway tile backsplash, luxury vinyl plank flooring, carpeted stairs, updated bathroom finishes, and fresh paint. The home also features a composition roof, forced-air heating, electric cooling, a furnace less than 3 years old, and a hot water heater less than 5 years old.
French doors connect the family room to a new deck with stairs to the level, privacy-fenced backyard. A garage and driveway provide parking, while public water and sewer serve the property. The home is near Lenexa Sar-Ko-Par Trails Park, restaurants, shopping, and Shawnee Mission schools. Interior square footage, lot square footage, and taxes are estimated following the recent division into two half duplexes.
French doors connect the family room to a new deck with stairs to the level, privacy-fenced backyard. A garage and driveway provide parking, while public water and sewer serve the property. The home is near Lenexa Sar-Ko-Par Trails Park, restaurants, shopping, and Shawnee Mission schools. Interior square footage, lot square footage, and taxes are estimated following the recent division into two half duplexes.
Key Highlights
- 1,263‑square‑foot half duplex on a 0.0916‑acre lot
- Recently split into 2 half duplexes; taxes, interior sq ft, and lot sq ft are estimated
- Three bedrooms, breakfast room, family room, 2 bathrooms, and basement
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
4.81%
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 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$305.7K
$267.5K – $356.6K
NOI $21,397 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
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
What type of property is this?
Residential income property - Three-bedroom residence with refreshed finishes, a new deck, public utilities, and driveway parking.
Where is this residential income property located?
The property is located at 8862 Gallery Street Lenexa, KS.
What is the asking price?
The asking price for this property is $264,000.
What are key features of this property?
This property features: 1,263‑square‑foot half duplex on a 0.0916‑acre lot; Recently split into 2 half duplexes; taxes, interior sq ft, and lot sq ft are estimated; Three bedrooms, breakfast room, family room, 2 bathrooms, and basement
