115 Park St105a Olathe, KS 66061-3442

Property Details for 115 Park St105a

Year built

1965

Construction

FRAME

Lot size

0.04 lot acres

Property size

2,437 SF

Property type

Office Properties & Spaces

APN

DP55930000 0U04

APU

DP559300000U04

Description

This stabilized Class B office building in Olathe, Kansas, presents a compelling investment opportunity. The property, located at 115 E Park St, 66061, features 9,700 square feet across three units within a single, one-story building. Currently leased to the State of Kansas in a gross lease agreement with a remaining term of 8.6 years (expiring June 30, 2033), this investment boasts a 7.04% cap rate and a strong NOI of $112,590. The lease includes annual rent bumps of 3%, further enhancing the return. The property underwent renovations in 2023 and benefits from its location within an Opportunity Zone, steps from the Johnson County Courthouse and other government offices. The convenient location offers free public parking and walkable amenities. The long-term lease with a stable government tenant minimizes vacancy risk, making this a low-maintenance, high-yield investment. The asking price is $1,600,000, translating to $164.95 per square foot. The absence of exterior common areas to maintain allows for potential annual management fee savings of $6,000, increasing overall yield. This property is an excellent 1031 exchange opportunity.

Location Insight

City

Olathe

County

Johnson

State

Kansas

Longitude

-94.819

Latitude

38.8816

CBSA code

28140

CBSA name

KANSAS CITY, MO-KS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments