Standalone Flex Industrial
For Sale
Contact for pricing
9806 Alden St, Lenexa, KS 66215
Industrial property combines office space with dock and drive-in loading.
Property Size27,600 SF
Lot Size2.08 Acres
Price / SF$140
Days on Market193
Property Features for 9806 Alden St
General Information
Standard status
Active
Size
27,600 SF
Class
C
Lot size
2.08 Acres
Property subtype
Industrial
Zoning
BP2
Warehouse & Industrial
Office Build-Out
8,000 SF
Dock-High Doors
5
Drive-In Doors
1
Additional Details
Asking Price
$3,864,000
Building Details
Year Built
1978
Buildings
1
Stories
1
Building Size
27,600 SF
Listing Agency:
Newmark
(816) 268-4223
Listed By:
Seamus McLaughlin · License #MO 00241515
Source:
Crexi
Added: Feb 19
Changed: Aug 30
Last Checked: Aug 31 at 10:00AM
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 Newmark
Investment Insights
Based on property information with market context.
This standalone flex industrial building provides 27,600 square feet across a 2.08-acre site, including 8,000 square feet of move-in-ready office space. The facility is configured for industrial operations with five dock-high loading doors and one drive-in loading door. Built in 1978, the property carries BP2 zoning.
The building is located in Lenexa’s industrial district at 9806 Alden St, with convenient access for office and warehouse functions within a single facility. Its combination of dedicated office area, loading infrastructure, and substantial site area supports a range of flex-oriented commercial requirements.
The building is located in Lenexa’s industrial district at 9806 Alden St, with convenient access for office and warehouse functions within a single facility. Its combination of dedicated office area, loading infrastructure, and substantial site area supports a range of flex-oriented commercial requirements.
Key Highlights
- 27,600 sf standalone industrial building on 2.08 acres
- 8,000 sf of move‑in‑ready office space
- Five dock‑high loading doors
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
$125,603
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
3.25%
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%
$2,512,060
$2.5M
Cap Rate 7%
$1,794,329
$1.8M
Cap Rate 9%
$1,395,589
$1.4M
Market Conditions
NOI Build-Up for 27,600 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
$157.9K $5.72/SF
− Vacancy
−$10.1K −$0.37/SF
EGI
$147.8K $5.35/SF
− OpEx
−$22.2K −$0.80/SF
NOI
$125.6K $4.55/SF
Area
Johnson County, KS
Vacancy
6.40%
Lease Rate
$5.72 /SF/Yr
Expense Ratio
15.00%
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%
$2,512,060
Cap Rate 7%
$1,794,329
Cap Rate 9%
$1,395,589
Alternative Uses
Best Use
Office B
$5.44M
$4.76M – $6.34M
NOI $380,589 @ 7.0% cap · market cap 9.85%
Second Best
Warehouse
$1.79M
$1.57M – $2.09M
NOI $125,603 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$6.68M
$5.84M – $7.79M
NOI $467,580 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Dock-high doors
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
591
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?
Flex space - Industrial property combines office space with dock and drive-in loading.
Where is this flex space located?
The property is located at 9806 Alden St Lenexa, KS.
What is the asking price?
The asking price for this property is $3,864,000.
What are key features of this property?
This property features: 27,600 sf standalone industrial building on 2.08 acres; 8,000 sf of move‑in‑ready office space; Five dock‑high loading doors
