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

    551 Somerset Ter Olathe, KS 66062-1375

    • Garden apartment buildings
    • 4,480 SF
    • 0.36 lot acres
    OFF-MARKET
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US33-0784816
    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

    • Garden apartment buildings

    Property Details for 551 Somerset Ter

    Year built
    1983
    Construction
    FRAME
    Lot size
    0.36 lot acres
    Property size
    4,480 SF
    Zone code
    R5
    Property type
    Garden apartment buildings
    APN
    DP41500000 0T0A
    APU
    DP415000000T0A

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $165,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $310,000
      Change: +86% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $300,000
      Change: +82% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $295,000
      Change: +79% Conversion: Difficult
      RETAIL STORES
      $260,000
      Change: +59% Conversion: Difficult
      WAREHOUSE, STORAGE
      $200,000
      Change: +21% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Olathe
    County
    Johnson
    State
    Kansas
    Longitude
    -94.7814
    Latitude
    38.8885
    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
    $6,013
    $6,383
    $45,828
    $52,211
    -
    $55,500
    $398,500
    $454,000

    Comparable in this City

    • Value Estimation
      $1,485,000
      75,016 SF

      11820 Greenwood St

      GARDEN APT, COURT APT (5+ UNITS) • 75,016 SF
      11820 Greenwood St, Olathe, KS 66062-6030
      View Details
    • Value Estimation
      $465,000
      15,792 SF

      15901 127th St

      GARDEN APT, COURT APT (5+ UNITS) • 15,792 SF
      15901 127th St, Olathe, KS 66062-5100
      View Details
    • Value Estimation
      $970,000
      31,394 SF

      14310 116th St

      GARDEN APT, COURT APT (5+ UNITS) • 31,394 SF
      14310 116th St, Olathe, KS 66062-3619
      View Details
    • Value Estimation
      $265,000
      8,112 SF

      2316 Willow Dr

      GARDEN APT, COURT APT (5+ UNITS) • 8,112 SF
      2316 Willow Dr, Olathe, KS 66062-1601
      View Details
    • Value Estimation
      $565,000
      3,912 SF

      12930 Brookfield St

      GARDEN APT, COURT APT (5+ UNITS) • 3,912 SF
      12930 Brookfield St, Olathe, KS 66062-5154
      View Details
    • Value Estimation
      $775,000
      16,227 SF

      1440 College Way

      GARDEN APT, COURT APT (5+ UNITS) • 16,227 SF
      1440 College Way, Olathe, KS 66062-1716
      View Details

    Similar Nearby for Sale

    • $1,900,000
      11.70 Acres

      Olathe Land: 11.7 Acres, Divisible

      Prime Olathe land, ideal for development.
      159th St & Mur-Len Rd, Olathe, KS 66062
      View Details
    • $450,000
      2.05 Acres

      Olathe Land: Prime Commercial Site

      2.05 Acres, CP-O Zoning, Build-to-Suit
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      View Details
    • $375,000
      3.37 Acres

      Prime Olathe Land - Build Your Dream Home

      3.37 Acres, Johnson County, KS
      18010 Keeler St, Olathe, KS 66062
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    • Contact for pricing
      65.72 Acres

      Wolf Creek Plaza: 65 Acres KS Land

      Prime Overland Park development land, residential & commercial.
      175 175Th St, Overland Park, KS 66062
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    • $200,000
      1,161 SF

      Olathe Duplex with Finished Basement

      Two-bedroom duplex with finished basement and fenced backyard in Olathe.
      21607 W 178Th Ter, Olathe, KS 66062
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    • $258,000
      Pending

      Olathe Duplex with Spacious Yard

      Inviting duplex in Olathe with updated appliances and large yard.
      1610 E Elm Ter, Olathe, KS 66062
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    Similar Nearby for Lease

    • Contact for pricing
      7,000 SF

      Olathe Retail Center - I-35 Access

      Prime Olathe location, 7,000 sq ft available.
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      View Details
    • $13 SF/Yr
      20,987 SF

      Olathe Retail Center - Prime Location

      High-traffic retail space available in Olathe, KS.
      135th St & Mur-Len Rd, Olathe, KS 66062
      View Details
    • Contact for pricing
      78,412 SF

      Olathe Warehouse Space Available

      78,412 SF warehouse space for lease in Olathe.
      21100 West 159Th St, Olathe, KS 66062
      View Details
    • $21 SF/Yr
      1,600 SF

      Olathe Neighborhood Retail Center

      Retail space available in Olathe neighborhood center.
      1701-1731 S Mur Len Rd, Olathe, KS 66062
      View Details
    • Contact for pricing
      16,412 SF

      Northridge Plaza Retail Space

      Olathe, KS retail center: high traffic, strong demographics.
      119TH St & Black Bob Rd, Olathe, KS 66062
      View Details
    • $10 SF/Yr
      8,400 SF

      New Century Business Park Flex Space

      Modern Olathe flex/warehouse space available.
      25125 151St Ter, Olathe, KS 66062
      View Details
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    551 Somerset Ter
    Olathe, KS 66062-1375
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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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