18351 119Th St Olathe, KS 66061

Property Details for 18351 119Th St

Year built

2006

Construction

FRAME

Lot size

1.50 lot acres

Property size

14,854 SF

Zone code

CP3

Property type

Retail space

APN

DP16370000 0001

APU

DP163700000001

Description

This exceptional investment opportunity presents a fee-simple interest in a freestanding Class A CVS HealthHub pharmacy located at 18351 W 119th St, Olathe, Kansas, 66061. The property, built in 2006, encompasses 11,000 square feet on a 1.5-acre lot and boasts a 100% occupancy rate. The single-tenant, net lease with CVS Pharmacy is a credit-rated, bondable NNN lease with a remaining term of approximately 7.4 years. The initial 25-year lease, commencing December 1, 2006, features a fixed annual rent of $360,312. Ten 5-year renewal options are included, with the first two at a fixed annual rent of $324,281 and the remaining eight at fair market value. The property benefits from its prime location in a densely populated, affluent Kansas City suburb, offering excellent visibility and strong traffic counts. The property's Net Operating Income (NOI) is $360,312, resulting in a 6.50% cap rate. This investment offers a compelling combination of a strong tenant, long-term lease, and attractive financial metrics. The property is situated in Johnson County, Kansas, within the Kansas City MSA. The average household income in the area is $99,475. This is a rare opportunity to acquire a high-quality, net-leased retail property with a nationally recognized tenant.

Location Insight

City

Olathe

County

Johnson

State

Kansas

Longitude

-94.7982

Latitude

38.9122

CBSA code

28140

CBSA name

KANSAS CITY, MO-KS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments