Renovated Office
For Sale
Contact for pricing
9660 Legler Rd, Lenexa, KS 66219
One-story office property renovated in 2023 with highway signage visible from I-435.
Property Size8,344 SF
Price / SF$197.75
Days on Market139
Property Features for 9660 Legler Rd
General Information
Standard status
Active
Size
8,344 SF
Property subtype
OFFICE
Amenities
Highway signage
Building Details
Year Renovated
2023
Buildings
1
Stories
1
Building Size
8,344 SF
Parking Ratio
4 per 1,000 SF
Listing Agency:
Waterford Property Company LLC
(913) 789-9020
Listed By:
Chuck Connealy
(913) 789-9020
Source:
Moodyscre
Added: Apr 15
Changed: Aug 29
Last Checked: Aug 31 at 1:31AM
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 Waterford Property Company LLC
Investment Insights
Based on property information with market context.
This one-story office building contains 8,344 square feet and was fully renovated in 2023. The property includes parking at a 4/1,000 ratio and highway signage with visibility from I-435.
The renovated condition and move-in-ready presentation provide a straightforward office format for occupancy. Its single-story design, established parking ratio, and highway-facing signage are the primary physical features identified for the property.
The renovated condition and move-in-ready presentation provide a straightforward office format for occupancy. Its single-story design, established parking ratio, and highway-facing signage are the primary physical features identified for the property.
Key Highlights
- 8,344‑square‑foot one‑story office building
- Fully renovated in 2023
- Parking ratio of 4/1,000
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
$115,059
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
6.97%
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%
$2,301,180
$2.3M
Cap Rate 7%
$1,643,700
$1.6M
Cap Rate 9%
$1,278,433
$1.3M
Market Conditions
NOI Build-Up for 8,344 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
$192.2K $23.04/SF
− Vacancy
−$38.8K −$4.65/SF
EGI
$153.4K $18.39/SF
− OpEx
−$38.4K −$4.60/SF
NOI
$115.1K $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%
$2,301,180
Cap Rate 7%
$1,643,700
Cap Rate 9%
$1,278,433
Alternative Uses
Best Use
Office B
$1.64M
$1.44M – $1.92M
NOI $115,059 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,358 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
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?
Office building - One-story office property renovated in 2023 with highway signage visible from I-435.
Where is this office building located?
The property is located at 9660 Legler Rd Lenexa, KS.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 8,344‑square‑foot one‑story office building; Fully renovated in 2023; Parking ratio of 4/1,000
