Listed by Hanley Investment Group
$4,525,000
Lone Elm Shopping Center | Olathe, KS
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 9,955
Net Rentable (SqFt) 9,955
Cap Rate 6.50%
NOI $294,068
Occupancy 100%
Tenancy Multi
Year Built 2018
Acreage 1.510
Ground Lease No
100% Occupied 4-Tenant Pad; Service-Based Internet-Resistant Tenants
Marketing description
CLICK HERE FOR FULL OFFERING MEMORANDUM: https://bit.ly/LoneElm
Investment highlights
- 100% Occupied Four-Tenant Pad; Service-Based, Medical/Retail, Internet Resistant Tenant Mix to New Dillon’s (Kroger): Fry Orthodontics, Back Nine Golf, Insight Vision Center, and Hokulia Shave Ice
- All tenants are on long-term NNN leases with staggered lease expirations and management fee reimbursement
- Insight Vision Center – 3% annual increases (next increase January 2027)
- Hokulia Shaved Ice is in an end-cap space with a drive-thru paying only $33 PSF
- Back Nine Golf – brand new long-term lease signed in 2026
- Fry Orthodontics – established leader in orthodontics since 1977 with 14 locations throughout Kansas and Missouri
- Shadow Anchored by Future Dillon’s (Kroger) Grocery Store
- Excellent Accessibility and Visibility; Hard Corner, Signalized Intersection
- The Property is Across from Olathe Northwest High School (1,950+ Students)
- $179k AHHI and Huge Population Growth
- Reasonable Rents Due to 2017 Construction with Real Rent Growth Due to New Grocery Anchor: Dillon’s is breaking ground on a new 100,000-square-foot store that will shadow anchor the subject property, creating a massive new draw to the area; Dillon’s is projecting this location will do over $50 million in annual sales volume
- Olathe is the 4th Largest City in the Kansas City MSA with Nearly 145,000 People:
- Part of Johnson County, one of the wealthiest counties in Kansas
- Corporate headquarters for many tech companies, such as Garmin International (2,800 employees) and Terracon (3,130 employees)
- “America’s 50 Best Cities to Live” by 24/7 Wall Street
Listing Contacts
Listed by Hanley Investment Group
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$294,068.00
$24,505.67/mo
Valuation Metrics
0
DSCR
6.5%
Cap Rate
6.5%
ROI
Map
Zoning
CP-2 PlannedPlanned General
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View all 267 uses
View all 267 uses Last updated Jun 23, 2026 For deeper zoning details, reports are available at Zoneomics
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