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    123rd & State Line Rd Leawood, KS 66209

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    123rd & State Line Rd Leawood, KS 66209

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    • Neighborhood centers
    • 15,083 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 123rd & State Line Rd

    Property size
    15,083 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    Leawood Plaza, located at the highly visible 123rd & State Line Road intersection in Leawood, Kansas (zip code 66209), offers a prime retail opportunity. This multi-tenant strip center totals 15,083 square feet and currently has eight spaces available, ranging in size from 1,250 to 3,491 contiguous square feet. The largest single available space is 3,491 square feet. The property is situated in Johnson County, Kansas, within a densely populated and affluent market, ensuring strong demographics for businesses. Its prominent location at a major intersection provides excellent visibility and accessibility for customers. This presents a unique chance to establish or expand a retail presence in a highly desirable area of Leawood. The property's strategic location and the available space sizes make it suitable for a variety of retail businesses seeking a thriving commercial environment. The address is easily accessible and benefits from high traffic volume. This is an exceptional opportunity to secure retail space in a prestigious Leawood location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Leawood
    County
    Johnson
    State
    Kansas
    Longitude
    -94.608
    Latitude
    38.9056

    Comparable in this City

    • Value Estimation by Request
      1,402 SF

      13112-13220 State Line Rd

      Lifestyle centers • 1,402 SF
      13112-13220 State Line Rd, Leawood, KS 66209
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    • Value Estimation by Request
      131,300 SF

      6301 119Th St

      Lifestyle centers • 131,300 SF
      6301 119Th St, Leawood, KS 66209
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    • Value Estimation by Request
      34,722 SF

      13010 State Line Rd

      Neighborhood centers • 34,722 SF
      13010 State Line Rd, Leawood, KS 66209
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    • Value Estimation by Request
      2.70 Acres

      13112-13220 State Line Rd

      Lifestyle centers • 1,402 SF
      13112-13220 State Line Rd, Leawood, KS 66209
      View Details
    • Value Estimation
      $750,000
      10,000 SF

      6547 119th St

      SHOPPING CENTER, STRIP CENTER • 10,000 SF
      6547 119th St, Overland Park, KS 66209-2001
      View Details
    • Value Estimation
      $1,330,000
      40,207 SF

      6717 119th St

      SHOPPING CENTER, STRIP CENTER • 40,207 SF
      6717 119th St, Overland Park, KS 66209-2013
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      The Fountains Shopping Center

      Whole Foods anchored shopping center in affluent suburban retail corridor.
      6755 W 119Th St, Overland Park, KS 66209
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      Leawood Land with 135th Street Frontage

      1.61 acres of land with mixed-use zoning.
      13480 Briar Dr, Leawood, KS 66209
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    • $300,000
      0.34 Acres

      Residential Lot in Leawood, KS

      Exceptional homesite in a desirable Leawood location, ready to build.
      5448 W 128Th Ter, Leawood, KS 66209
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    • Contact for pricing
      4,300 SF

      Leawood Land for Sale

      Commercial land available in Leawood, Kansas.
      13112-13220 State Line Rd, Leawood, KS 66209
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    • Contact for pricing

      Leawood Retail Location For Sale

      Prime retail location in Leawood, Kansas with high visibility.
      135Th St & Msn Rd, Leawood, KS 66209
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    • Contact for pricing

      Leawood Business Park Land Available

      Development-ready sites in excellent Leawood Business Park location.
      14108 Overbrook Rd, Leawood, KS 66209
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    Similar Nearby for Lease

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      Overland Park Retail Leasing Opportunity

      Retail space available in Overland Park with excellent visibility.
      12045 Metcalf Ave, Overland Park, KS 66209
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      Leawood Retail Center For Rent

      Boutique retail center in a strong Leawood market.
      4800 W 135 St, Leawood, KS 66209
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      Overland Park Retail Spaces Available

      Retail spaces available in high-traffic Overland Park shopping center.
      121st St & Metcalf Ave Overland Park, Overland Park, KS 66209
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    • Contact for pricing
      1,711 SF

      Leawood Retail Space For Rent

      Regional shopping center in Leawood, Kansas with retail space.
      5220-5227 W 119Th St, Leawood, KS 66209
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    • Contact for pricing
      6,517 SF

      Leawood Retail Space For Rent

      Regional shopping center space available in Leawood, Kansas.
      5000 W 119Th St, Leawood, KS 66209
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    • Contact for pricing
      2,960 SF

      Retail Space in Leawood, Kansas

      2,960 SF retail space available in Leawood, Kansas.
      6301-6685 W 119Th St, Leawood, KS 66209
      View Details
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    123rd & State Line Rd
    Leawood, KS 66209
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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