Overland Park Lab
For Sale
Contact for pricing
9221 Quivira Rd, Overland Park, KS 66215
24,436 SF lab facility on 2.04 acres.
Property Size24,436 SF
Lot Size2.04 Acres
Price / SF$204.62
Days on Market113
Property Features for 9221 Quivira Rd
General Information
Standard status
Active
Size
24,436 SF
Total Parking Spaces
104
Lot size
2.04 Acres
Property subtype
Office
Zoning
M1, Overland Park
Investment Type
Owner/User
Building Details
Year Built
1965
Stories
1
Tenancy
Single
Listing Agency:
AREA Real Estate Advisors
(913) 475-0868
Listed By:
Jay Hawkins · License #KS 00244294
Source:
Crexi
Added: May 9
Changed: Aug 21
Last Checked: Aug 26 at 2:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of AREA Real Estate Advisors
Investment Insights
Based on property information with market context.
The property at 9221 Quivira Road in Overland Park, Kansas, is a 24,436 square foot purpose-built laboratory facility situated on a 2.04-acre site. It features 104 parking spaces. The building will be delivered vacant in December 2026, presenting an acquisition opportunity for an owner-user. It is suitable for laboratory, diagnostic, biotech, or life sciences companies seeking operational lab space with existing infrastructure. The property has been continuously used as a fully operational diagnostic laboratory since 2007, and the lab infrastructure, HVAC, plumbing, electrical, and waste systems have been maintained and upgraded to meet clinical laboratory standards throughout its occupancy.
Key Highlights
- Purpose‑built 24,436 SF laboratory facility with existing infrastructure
- Vacant possession in December 2026, offering an owner‑user acquisition opportunity
- Located on a 2.04‑acre site with 104 parking spaces
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
$309,818
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
6.20%
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%
$6,196,360
$6.2M
Cap Rate 7%
$4,425,971
$4.4M
Cap Rate 9%
$3,442,422
$3.4M
Market Conditions
NOI Build-Up for 24,436 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
$513.2K $21.00/SF
− Vacancy
−$100.1K −$4.10/SF
EGI
$413.1K $16.90/SF
− OpEx
−$103.3K −$4.23/SF
NOI
$309.8K $12.68/SF
Area
Overland Park, KS
Vacancy
19.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$6,196,360
Cap Rate 7%
$4,425,971
Cap Rate 9%
$3,442,422
Alternative Uses
Best Use
Office B
$4.43M
$3.87M – $5.16M
NOI $309,818 @ 7.0% cap · market cap 6.20%
Second Best
Healthcare Medical
$3.98M
$3.48M – $4.64M
NOI $278,688 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$6.30M
$5.51M – $7.35M
NOI $440,728 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,441
Businesses Nearby
Balanced
Demand for This Use
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 24,436 SF lab facility on 2.04 acres.
Where is this medical office space located?
The property is located at 9221 Quivira Rd Overland Park, KS.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Purpose‑built 24,436 SF laboratory facility with existing infrastructure; Vacant possession in December 2026, offering an owner‑user acquisition opportunity; Located on a 2.04‑acre site with **104 parking spaces**
