Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1533 Spruce St Olathe, KS 66061-3646

    • Office Properties & Spaces
    • 6,000 SF
    • 0.57 lot acres
    OFF-MARKET
    Last Sale
    Jun 30, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US33-0225599
    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

    • Ruf Strategic Solutions / Advertising Agency / Marketing & Advertising
    • First Impression Painting & Drywall / Painting Service / General Contractor

    Property Details for 1533 Spruce St

    Year built
    1975
    Construction
    FRAME
    Lot size
    0.57 lot acres
    Property size
    6,000 SF
    Zone code
    M1
    Property type
    Office Properties & Spaces
    APN
    DP69000000 0011A
    APU
    DP690000000011A

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Olathe
    County
    Johnson
    State
    Kansas
    Longitude
    -94.7929
    Latitude
    38.8856
    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
    $13,018
    $31,105
    $80,145
    $111,250
    -
    $124,420
    $320,580
    $445,000

    Comparable in this City

    • Value Estimation by Request
      1,773 SF

      Olathe, KS 66061

      CONDOMINIUM OFFICES • 1,773 SF
      Olathe, KS 66061
      View Details
    • Value Estimation by Request
      170 SF

      Olathe, KS 66061

      CONDOMINIUM OFFICES • 170 SF
      Olathe, KS 66061
      View Details
    • Value Estimation
      $2,335,000
      28,668 SF

      114 Water St

      OFFICE (GENERAL) • 28,668 SF
      114 Water St, Olathe, KS 66061-3415
      View Details
    • Value Estimation
      $2,365,000
      29,004 SF

      1500 Old Hwy 56

      OFFICE (GENERAL) • 29,004 SF
      1500 Old Hwy 56, Olathe, KS 66061-5277
      View Details
    • Value Estimation by Request
      2,433 SF

      Olathe, KS 66061

      CONDOMINIUM OFFICES • 2,433 SF
      Olathe, KS 66061
      View Details
    • Value Estimation by Request
      1,626 SF

      Olathe, KS 66061

      CONDOMINIUM OFFICES • 1,626 SF
      Olathe, KS 66061
      View Details

    Similar Nearby for Sale

    • $1,750,000

      Olathe Office Building - $1.75M

      Prime Olathe Office, 100% Occupied
      20670 151St St, Olathe, KS 66061
      View Details
    • $1,750,000
      0.70 Acres

      Olathe Office Building - Investment Opportunity

      Prime Olathe location, versatile office space.
      20670 151St St, Olathe, KS 66061
      View Details
    • $1,900,000

      310 Marion St

      Manufacturing properties
      310 Marion St, Olathe, KS 66061
      View Details
    • Contact for pricing
      126,500 SF

      Class A Headquarters Opportunity

      Class A office building for sale in Olathe, Kansas.
      10789 S Ridgeview Rd, Olathe, KS 66061
      View Details
    • $450,000
      0.05 Acres

      Versatile Office Space in Olathe

      Functional commercial office in downtown Olathe, near local businesses.
      115 E Park St, Olathe, KS 66061
      View Details
    • $1,350,000
      5.88 Acres

      Olathe Industrial Land - 5.88 Acres

      Prime Olathe location, M-2 zoning, high traffic.
      0 151St St, Olathe, KS 66061
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      96,422 SF

      Southwest Plaza Retail Center

      Olathe, KS: Prime Retail Space Available
      873 Parker St, Olathe, KS 66061
      View Details
    • Contact for pricing
      569,584 SF

      I-35 Logistics Park: Bldg II

      Modern Industrial Space Available
      15800 Green Rd, Olathe, KS 66061
      View Details
    • $168 SF/Yr
      2,880 SF

      Prime Industrial Space Available

      New Construction Warehouse/Office
      2135 Kansas City Rd, Olathe, KS 66061
      View Details
    • $12 SF/Yr
      14,320 SF

      Olathe Flex Space Available

      Adaptable flex space suitable for lab, medical, or call center.
      17310 W 119Th St, Olathe, KS 66061
      View Details
    • $750 /Mo
      87,120 SF

      Olathe Office Space Available

      Office space for rent, ideal for small business owners.
      2135 E Kansas City Ste B Rd, Olathe, KS 66061
      View Details
    • Contact for pricing
      1,400 SF

      Olathe Office Space For Rent

      White-box office space near Downtown Olathe with updated bathrooms.
      108 E Cedar St, Olathe, KS 66061
      View Details

    Property Visit Statistics

    • Visits by month
      1.1k
    • Visitors by month
      501
    • Avg Time on site
      29 min
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1533 Spruce St
    Olathe, KS 66061-3646
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.