New Construction Duplex with
For Sale
$525,000
9846 Greeley Street, Lenexa, KS 66227
DUPLEX - Other - Lenexa, KS
Property Size2,080 SF
Price / SF$252.40
Days on Market50
Property Features for 9846 Greeley Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Basement, Bathroom 3, Bedroom 1, Dining Room, Bathroom 2, Game Room, Bedroom 2, Bathroom 1
Parking features
Driveway
Patio and Porch features
Deck
Interior features
Ceiling Fan(s), Kitchen Island, Painted Cabinets, Pantry, Walk-In Closet(s)
Fireplace
1
Basement
Finished
Appliances
Cooktop, Dishwasher, Disposal, Exhaust Fan, Humidifier, Microwave, Gas Range, Stainless Steel Appliance(s)
Subdivision
Wheatley Point West
Lot features
Adjoin Greenspace, City Lot, Cul-De-Sac, Sprinkler- In Ground
Elementary school
Canyon Creek
Middle school
Prairie Trail
High school
Olathe Northwest
Elementary school district
Olathe
Middle school district
Olathe
High school district
Olathe
Directions
K7 to Prairie Star Parkway, west through roundabouts to Clare Road. Go south on Clare to neighborhood on right.
Standard status
Active
APN
IP84450000-0006
Size
2,080 SF
Taxes and HOA fees
HOA Fee
$200 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
2026
Flooring type
Carpet, Tile, Wood
Building materials
Stucco & Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Realty Executives · Realty Executives International
(913) 642-4888
Listed By:
Mandy Menghini
(913) 302-5899
Added: Jun 23
Changed: Aug 1
Last Checked: Aug 11 at 5:06PM
MLS# 2627734
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.
New Construction Twin Villas in Wheatley Point West offers main-floor living with the primary and secondary bedrooms on the main level. The floor plan includes a main-floor laundry room, an open kitchen and dining room, and a lower level that can be set up to include 2 additional bedrooms, with a 4th bedroom upgrade available. Interior features include a kitchen island, pantry, and walk-in closet(s), along with ceiling fans, painted cabinets, and a mix of carpet, tile, and wood flooring. The home also has a fireplace.
Construction materials are stucco & frame, with a composition roof. Heating is natural gas and cooling is electric. Utilities include public water and public sewer. Parking is provided via a driveway, and there is a deck.
The HOA includes lawn mowing and trash/recycle. Approximate close date is late November 2026.
Construction materials are stucco & frame, with a composition roof. Heating is natural gas and cooling is electric. Utilities include public water and public sewer. Parking is provided via a driveway, and there is a deck.
The HOA includes lawn mowing and trash/recycle. Approximate close date is late November 2026.
Key Highlights
- 2080 SF duplex under construction
- Year built 2026 with main‑floor living plan
- Primary and secondary bedrooms on the main floor
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
$22,290
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
4.25%
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%
$445,800
$445.8K
Cap Rate 7%
$318,429
$318.4K
Cap Rate 9%
$247,667
$247.7K
Market Conditions
NOI Build-Up for 2,080 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
$33.7K $16.20/SF
− Vacancy
−$1.9K −$0.89/SF
EGI
$31.8K $15.31/SF
− OpEx
−$9.6K −$4.59/SF
NOI
$22.3K $10.72/SF
Area
Johnson County, KS
Vacancy
5.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$445,800
Cap Rate 7%
$318,429
Cap Rate 9%
$247,667
Alternative Uses
Best Use
Multifamily LT 5
$318.4K
$278.6K – $371.5K
NOI $22,290 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$298.7K
$261.4K – $348.5K
NOI $20,909 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$503.4K
$440.5K – $587.3K
NOI $35,238 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 66227, KS
8,476
Population
3,431
Households
2.5
Avg Household Size
41
Median Age
68%
College-Educated
100%
High-School Grad
13.3 sq mi
ZIP Area
637
Density / Sq Mi
$132,532
Median Household Income
$71,027
Median Earnings
$1,989
Median Rent
$423,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Under construction duplex with main-floor living, primary and secondary bedrooms, and a deck off the living space.
Where is this duplex located?
The property is located at 9846 Greeley Street Lenexa, KS.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2080 SF duplex under construction; Year built 2026 with main‑floor living plan; Primary and secondary bedrooms on the main floor
