Flex Industrial Building with
For Sale
Contact for pricing
9511 Legler Rd, Lenexa, KS 66219
Concrete-tilt construction combines office, conditioned production, showroom, and warehouse areas.
Property Size53,700 SF
Price / SF$184.82
Days on Market134
Property Features for 9511 Legler Rd
General Information
Standard status
Active
Size
53,700 SF
Class
Class A
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
28 ft
Warehouse Space
25,500 SF
Office Build-Out
10,000 SF
Dock-High Doors
2
Drive-In Doors
2
Sprinkler System
Yes
Additional Details
Road Access
Yes
Building Details
Year Built
2016
Buildings
1
Building Size
53,700 SF
Construction
tilt-up concrete
Listing Agency:
Colliers | Fort Myers
(913) 461-5229
Listed By:
John Stafford, SIOR
(913) 461-5229
Source:
Moodyscre
Added: Apr 20
Changed: Aug 29
Last Checked: Aug 29 at 4:08PM
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 Colliers | Fort Myers
Investment Insights
Based on property information with market context.
Located at 9511 Legler Rd in Lenexa, this 53,700± SF flex industrial building was constructed in 2016 using concrete tilt construction. The property includes 10,000± SF of general office space, 18,200± SF of showroom and production area, and 25,500± SF of warehouse space. The showroom and production area is fully conditioned and offers approximately 28’ of clear height.
Loading is configured with two 9’x10’ dock doors and two 12’x14’ drive-in doors. An ESFR sprinkler system supports the industrial layout, while existing furniture and racking are available. Occupancy is expected approximately April 2027, with the current owner expanding or relocating.
Loading is configured with two 9’x10’ dock doors and two 12’x14’ drive-in doors. An ESFR sprinkler system supports the industrial layout, while existing furniture and racking are available. Occupancy is expected approximately April 2027, with the current owner expanding or relocating.
Key Highlights
- 53,700± SF flex industrial building at 9511 Legler Rd, Lenexa, KS 66219
- 10,000± SF of general office space
- 18,200± SF showroom and production area; 100% conditioned with 28’± clear height
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
$740,493
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
7.46%
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%
$14,809,860
$14.8M
Cap Rate 7%
$10,578,471
$10.6M
Cap Rate 9%
$8,227,700
$8.2M
Market Conditions
NOI Build-Up for 53,700 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
$1.24M $23.04/SF
− Vacancy
−$249.9K −$4.65/SF
EGI
$987.3K $18.39/SF
− OpEx
−$246.8K −$4.60/SF
NOI
$740.5K $13.79/SF
Area
Johnson County, KS
Vacancy
20.20%
Lease Rate
$23.04 /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%
$14,809,860
Cap Rate 7%
$10,578,471
Cap Rate 9%
$8,227,700
Alternative Uses
Best Use
Office B
$10.58M
$9.26M – $12.34M
NOI $740,493 @ 7.0% cap · market cap 7.46%
Second Best
Warehouse
$3.49M
$3.05M – $4.07M
NOI $244,380 @ 7.0% cap · market cap 2.46%
Theoretical Best
Office A
$13.00M
$11.37M – $15.16M
NOI $909,748 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28 ft
Clear height
2
Dock-high doors
2
Drive-in doors
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
360
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 66219, KS
13,378
Population
7,044
Households
1.9
Avg Household Size
36
Median Age
55%
College-Educated
98%
High-School Grad
8.3 sq mi
ZIP Area
1,612
Density / Sq Mi
$91,144
Median Household Income
$59,148
Median Earnings
$1,458
Median Rent
$370,500
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?
Flex space - Concrete-tilt construction combines office, conditioned production, showroom, and warehouse areas.
Where is this flex space located?
The property is located at 9511 Legler Rd Lenexa, KS.
What is the asking price?
The asking price for this property is $9,925,000.
What are key features of this property?
This property features: 53,700± SF flex industrial building at 9511 Legler Rd, Lenexa, KS 66219; 10,000± SF of general office space; 18,200± SF showroom and production area; 100% conditioned with 28’± clear height
