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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15220 87th St Pkwy Lenexa, KS 66219-1429

    • Office Properties & Spaces
    • 9,100 SF
    • 2.23 lot acres
    OFF-MARKET
    Last Sale
    Jul 24, 2023
    Value Estimations
    $610,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US33-0205498
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 15220 87th St Pkwy

    Year built
    1998
    Construction
    FRAME
    Lot size
    2.23 lot acres
    Property size
    9,100 SF
    Zone code
    CP1
    Property type
    Office Properties & Spaces
    APN
    IP27500000 0002
    APU
    IP275000000002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $610,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $740,000
      AUTO REPAIR, GARAGE
      $690,000
      NEIGHBORHOOD: SHOPPING CENTER
      $610,000
      APARTMENT HOUSE (5+ UNITS)
      $415,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lenexa
    County
    Johnson
    State
    Kansas
    Longitude
    -94.7627
    Latitude
    38.9716
    CBSA code
    28140
    CBSA name
    KANSAS CITY, MO-KS METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $36,197
    $291,538
    $14,330
    $305,868
    -
    $1,166,150
    $57,320
    $1,223,470

    Comparable in this City

    • Value Estimation
      $1,290,000
      236,434 SF

      8900 Renner Blvd

      OFFICE (GENERAL) • 236,434 SF
      8900 Renner Blvd, Lenexa, KS 66219-3049
      View Details
    • Value Estimation by Request
      24,050 SF

      87 87Th St

      Office space • 24,050 SF
      87 87Th St, Lenexa, KS 66219
      View Details
    • Value Estimation by Request
      19,380 SF

      8800 Renner Blvd

      Office Properties & Spaces • 19,380 SF
      8800 Renner Blvd, Lenexa, KS 66219
      View Details
    • Value Estimation by Request
      12,725 SF

      15423 100Th Ter

      Distribution properties • 12,725 SF
      15423 100Th Ter, Lenexa, KS 66219
      View Details
    • Value Estimation by Request
      56,347 SF

      17101 87th St, Unit 101

      CONDOMINIUM OFFICES • 56,347 SF
      17101 87th St, Lenexa, KS 66219-9720
      View Details
    • Value Estimation
      $1,265,000
      131,149 SF

      16105 113th St

      OFFICE (GENERAL) • 131,149 SF
      16105 113th St, Lenexa, KS 66219-2305
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1 SF

      Lenexa Executive Office Suites

      Class A Office Space, 375 Units
      87Th St Pkwy And Renner Blvd, Lenexa, KS 66219
      View Details
    • $2,400,000
      12,915 SF

      Legler Road Flex Space - Lenexa, KS

      12,915 SF Flex/R&D Building, Vacant
      9724 Legler Rd, Lenexa, KS 66219
      View Details
    • Contact for pricing
      36,000 SF

      Lenexa, KS Commercial Property

      36,000 SF Build-to-Suit Opportunity
      0 88 & Renner Blvd, Lenexa, KS 66219
      View Details
    • $1,449,459
      64,480 SF

      Lenexa Flex Building - Investment Opportunity

      64,480 SF Flex Building in Lenexa, KS
      17002 College Cir, Lenexa, KS 66219
      View Details
    • $1,502,820
      72,000 SF

      Lenexa Logistics Centre South

      72,000 SF Flex Industrial Building
      11300 Britton St, Lenexa, KS 66219
      View Details
    • $1,700,000
      2 SF

      Lenexa Land for Development

      2.6 acres of land ready for development in Lenexa.
      17055 W 96Th Ter, Lenexa, KS 66219
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      137,101 SF

      Lenexa Executive Office Suites

      Class A Office Space, Multiple Suites Available
      0 City Ctr Dr & Scarborough, Lenexa, KS 66219
      View Details
    • Contact for pricing
      200,000 SF

      Lenexa City Center Gateway Site

      Prime Lenexa Office/Retail Opportunity
      87 87Th Cir, Lenexa, KS 66219
      View Details
    • $22 SF/Yr
      106,899 SF

      Lakeview Ave Office Space for Lease

      Lenexa, KS Office Suites Available Now
      10951 Lakeview Ave, Lenexa, KS 66219
      View Details
    • Contact for pricing
      24,050 SF

      Lenexa Executive Office Space

      Prime Lenexa location, 24,050 sqft available.
      0 87 & Renner Blvd, Lenexa, KS 66219
      View Details
    • $16 SF/Yr

      Lenexa Office Space Available

      Two office spaces available for lease in Lenexa, Kansas.
      10649 Lackman Rd, Lenexa, KS 66219
      View Details
    • $16 SF/Yr
      16,962 SF

      Lenexa Office Space For Rent

      Centrally located office spaces with flexible floor plans available.
      11206-11228 Thompson Ave, Lenexa, KS 66219
      View Details
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    Lenexa, KS 66219-1429
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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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