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

    15855 87th St Pkwy Lenexa, KS 66219-1439

    • Grocery and convenience stores
    • 3,434 SF
    • 1.45 lot acres
    OFF-MARKET
    Value Estimations
    $555,000
    Show details
    Cap Rate Potential
    6.5%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US33-0496577
    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

    • Grocery and convenience stores

    Property Details for 15855 87th St Pkwy

    Year built
    1998
    Construction
    FRAME
    Lot size
    1.45 lot acres
    Property size
    3,434 SF
    Zone code
    CP1
    Property type
    Grocery and convenience stores
    APN
    IP43920000 0001
    APU
    IP439200000001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $550,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $595,000
      6.5%
      $545,000
      7%
      $510,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $581,000
      Market price range: $417k - $674k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $465,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lenexa
    County
    Johnson
    State
    Kansas
    Longitude
    -94.7697
    Latitude
    38.9705
    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
    $43,499
    $189,628
    $186,125
    $375,753
    -
    $758,510
    $744,500
    $1,503,010

    Comparable in this City

    • Value Estimation
      $500,000
      5,998 SF

      15100 101st Ter

      CONVENIENCE STORE • 5,998 SF
      15100 101st Ter, Lenexa, KS 66219-1470
      View Details
    • Value Estimation by Request

      Lenexa, KS 66219

      GROCERY, SUPERMARKET
      Lenexa, KS 66219
      View Details
    • Value Estimation
      $1,240,000
      60,130 SF

      8800 Maurer Rd

      GROCERY, SUPERMARKET • 60,130 SF
      8800 Maurer Rd, Lenexa, KS 66219-1106
      View Details
    • Value Estimation
      $765,000
      18,446 SF

      15751 87th St Pkwy

      GROCERY, SUPERMARKET • 18,446 SF
      15751 87th St Pkwy, Lenexa, KS 66219-1437
      View Details
    • Value Estimation
      $710,000
      4,906 SF

      9350 Renner Blvd

      CONVENIENCE STORE • 4,906 SF
      9350 Renner Blvd, Lenexa, KS 66219-9700
      View Details
    • Value Estimation by Request
      95,585 SF

      17201 87th St Pkwy

      GYM, HEALTH SPA • 95,585 SF
      17201 87th St Pkwy, Lenexa, KS 66219
      View Details

    Similar Nearby for Sale

    • 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
    • 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
    • $1,449,459
      64,480 SF

      Lenexa Flex Building - Investment Opportunity

      64,480 SF Flex Building in Lenexa, KS
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    • $1,502,820
      72,000 SF

      Lenexa Logistics Centre South

      72,000 SF Flex Industrial Building
      11300 Britton St, Lenexa, KS 66219
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    • $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
    • $1,546,740

      Lenexa Land Opportunity

      Land available near restaurants, shopping, and entertainment.
      11201 Corporate Ave, Lenexa, KS 66219
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      5,000 SF

      Restaurant Space in Lenexa, Kansas

      Turn-key restaurant space in a busy, highly occupied shopping center.
      15117 W 87Th Street Pkwy, Lenexa, KS 66219
      View Details
    • Contact for pricing
      4,000 SF

      Retail Space in Lenexa

      Retail space available in high-image, mixed-use Lenexa development.
      15911 W 87Th Street Pkwy, Lenexa, KS 66219
      View Details
    • 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
    • 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
    • Contact for pricing
      35,473 SF

      Lenexa Retail Center - 35,000 SF

      Prime Lenexa retail space, multiple tenants.
      0 87 & Renner Blvd, Lenexa, KS 66219
      View Details
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    Lenexa, KS 66219-1439
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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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