Amazing project property with massive upside in the heart of Olathe. This 10-unit multifamily building is 100% vacant and ready for a full down-to-the-studs renovation. The location is unbeatable-just a 5-minute walk from the $250M downtown revitalization, including the new City Hall, Johnson County Courthouse, and the emerging lifestyle district filled with new retail and dining.The property sits on a rare 1.48-acre lot confirmed as R5 High Density zoning. This offers a unique dual opportunity: rehab the existing structure into a high-cash-flow showplace while exploring the potential to add more buildings on the oversized parcel. The units are already sub-metered for electric and water (gas is master), providing a huge head start on stabilization. While it needs a heavy lift to become occupied once again, the land value and prime location make this an irreplaceable asset. Buyer to verify all future development possibilities. This is a historical property and was the old Mill building with 2 foot thick limestone construction. Information deemed reliable but not guaranteed. No seller finance, please do not ask.
| MLS # | 2617191 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1900 |
| Days On Site | 129 |
| Listing Provided By | Lutz Sales + Investments | Michelle Lutz |
| Basement | Y |
|---|---|
| Story(s) | 3 |
| Units | 10 |
| Zoning | MF |
| Acreage | 1.48 |
| Property | 5526 |
|---|
| State | KS |
|---|---|
| County | Johnson, KS |
| City | Olathe |
| Zip Code | 66061 |
| Area | 320 N=75th;S=I 435;E=State Ln;W=I 35 & K 12 |
| Community Name | Other |
| Listing VS Median (in Other) | |
Price: $395,000 low | high Med: $269,999 On site: 129 low | high Med: 37 | |
| State | KS |
|---|---|
| County | Johnson, KS |
| City | Olathe |
| Zip Code | 66061 |
| Area | 320 N=75th;S=I 435;E=State Ln;W=I 35 & K 12 |
| Community Name | Other |
| Listing VS Median (in Other) | |
Price: $395,000 low | high Med: $269,999 On site: 129 low | high Med: 37 | |