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Unit Size: 2,617 SF
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Condo Use: Office
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Price: $499,000 USD
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Sale Type: Investment or Owner User
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Price/SF: $190.68 USD
Description
CYPRESS REALTY, LLC
OFFICE CONDOMINIUM
FOR SALE OR LEASE
10841 W. 87th Street, Suite C
Overland Park, Kansas
EXCEPTIONAL OWNER-USER OPPORTUNITY
Asking Price
$499,000
Lease Rate
$15.00 Per Rentable Square Foot – Triple Net (NNN)
Building Area
2,617 Rentable Square Feet
Exclusively Offered By
Mark Neighbors, Broker
Cypress Realty, LLC
913-915-9477
MarkSNeighbors@gmail.com
EXECUTIVE SUMMARY
Cypress Realty, LLC is pleased to present an exceptional opportunity to purchase or lease a move-in-ready professional office condominium strategically located in one of Johnson County's most established office developments.
Offering approximately 2,617 rentable square feet, this attractive office condominium provides a rare combination of executive office finishes, flexible workspace, recent interior improvements, and significant office park capital improvements that position the property as an outstanding opportunity for both owner-users and tenants.
Unlike many office condominiums currently available in the marketplace, this property has recently benefited from extensive improvements both inside the suite and throughout the office park. Those improvements enhance the overall appearance of the development while helping minimize anticipated future capital expenditures.
Whether your business is expanding, relocating, or transitioning from leasing to ownership, this property offers an opportunity to invest in your company's future while controlling long-term occupancy costs.
The suite is available for immediate occupancy and is ideally suited for professional office, medical office, engineering, architecture, accounting, legal, financial services, insurance, technology, educational, counseling, wellness, rehabilitation, physical therapy, executive headquarters, or a variety of other professional business uses.
INVESTMENT HIGHLIGHTS
Exceptional Owner-User Opportunity
Rather than continuing to pay increasing lease payments, purchasers have the opportunity to acquire a quality office condominium while building long-term equity through ownership.
Move-In Ready
The suite has been recently improved and is available for immediate occupancy, minimizing tenant improvement costs and allowing a purchaser or tenant to begin operations quickly.
Functional Floor Plan
The thoughtfully designed floor plan combines executive offices, conference facilities, reception, support space, kitchen facilities, and a large open flex area that accommodates a broad range of business operations.
Significant Recent Capital Improvements
The Owners Association has recently completed numerous improvements throughout the office park, reducing deferred maintenance concerns and helping minimize future capital expenditures.
Improvements include:
• New asphalt parking lot
• Concrete improvements
• ADA-compliant handicap parking spaces
• Parking lot striping
• Monument signage
• Landscape improvements
• Mature tree trimming
• Lawn sprinkler system improvements
These improvements enhance the overall appearance and long-term value of the property.
Outstanding Location
Located in one of Johnson County's premier commercial corridors, the property provides convenient access to Interstate 35, 69 Highway and the surrounding metropolitan area while being located near restaurants, hotels, retail shopping, financial institutions, medical facilities, and numerous professional office developments.
PROPERTY OVERVIEW
This attractive professional office condominium has been designed to accommodate the operational needs of today's professional businesses while providing flexibility for future growth.
The welcoming reception area creates an excellent first impression for clients and visitors. Executive offices are positioned to maximize natural light while maintaining privacy for management and professional staff. A dedicated conference room provides space for meetings, presentations, and client consultations.
One of the property's most attractive features is the expansive open flex workspace, measuring approximately 45 feet by 33 feet, which provides exceptional versatility for a wide variety of business operations.
Unlike traditional office layouts consisting almost entirely of enclosed offices, this flexible area can be configured to meet the specific needs of virtually any professional organization.
Potential uses include:
• Collaborative workstations
• Corporate training center
• Physical therapy
• Rehabilitation services
• Wellness programs
• Educational classrooms
• Engineering design studio
• Technology workspace
• Financial operations center
• Executive briefing area
• General office operations
The combination of private offices and open workspace allows the property to adapt as business needs evolve, making it an excellent long-term investment for owner-users.
WHY PURCHASE INSTEAD OF LEASE?
For businesses planning to remain in one location for an extended period, ownership often provides significant long-term financial advantages over leasing.
Rather than making monthly rent payments that build no equity, ownership allows a businessto invest in a tangible asset while benefiting from principal reduction, potential appreciation, and stable occupancy costs.
Based upon an assumed purchase price of $499,000, with 25% down and 6.75% financing amortized over 25 years, estimated monthly ownership costs compare favorably with leasing similar office space.
Ownership provides several distinct advantages:
• Build equity with every mortgage payment.
• Benefit from potential appreciation in property value.
• Stabilize occupancy costs with fixed-rate financing.
• Customize the office to meet changing business needs.
• Eliminate uncertainty associated with future lease renewals.
• Potentially realize tax advantages through mortgage interest, depreciation, and other ownership benefits (buyers should consult their CPA or tax advisor).
For many professional businesses, ownership represents an investment in both their company and their long-term financial future.
Sale Notes
PROPERTY SPECIFICATIONS
General Property Information
Property Name Executive Office Headquarters
Property Address 10841 W. 87th Street, Suite 400
City Overland Park
County Johnson County
State Kansas
Property Type Professional Office Condominium
Status For Sale or Lease
Building Area 2,617 Rentable Square Feet
Occupancy Immediate
Asking Price $499,000
Price Per Square Foot Approximately $191
Lease Rate $15.00 Per RSF Triple Net
Parking Ample Surface Parking
Zoning Commercial
PROPERTY FEATURES
This office condominium has been thoughtfully designed to provide an efficient, professional working environment while allowing flexibility for future growth and changing business needs.
Reception Area
An attractive reception area welcomes clients and visitors while providing a professional first impression.
Executive Offices
Private perimeter offices offer abundant natural light, quiet working environments, and excellent visibility throughout the suite.
Conference Room
A dedicated conference room accommodates client meetings, presentations, staff training, and executive planning sessions.
Kitchen / Break Area
Convenient employee kitchen with cabinetry, sink, and break facilities.
Large Open Flex Area
One of the property's strongest features is the expansive open work area measuring approximately 45 feet by 33 feet.
This space offers tremendous flexibility for businesses requiring collaborative work environments or specialized operational areas.
Potential uses include:
• Physical Therapy
• Rehabilitation
• Engineering
• Technology
• Training Center
• Education
• Wellness Programs
• Call Center
• Corporate Collaboration
• Financial Operations
• Medical Support Services
• General Office
Unlike many office condominiums that consist primarily of enclosed offices, this flexible design allows a purchaser to customize the space to meet changing business requirements.
RECENT CAPITAL IMPROVEMENTS
A significant benefit of this offering is the substantial investment recently made throughout the office park.
These improvements enhance appearance while reducing anticipated future capital expenditures.
Recent improvements include:
Site Improvements
• New asphalt parking lot
• Concrete replacement
• ADA-compliant handicap parking improvements
• Parking lot striping
• Updated monument signage
• Directional signage improvements
Landscape Improvements
• Extensive tree trimming
• Landscape enhancements
• Lawn sprinkler system improvements
• Improved curb appeal throughout the development
These recent investments provide long-term value while minimizing deferred maintenance concerns often associated with older office developments.
WHY THIS PROPERTY REPRESENTS AN EXCELLENT VALUE
At an asking price of $499,000, this property represents approximately $191 per rentable square foot.
When compared with the cost of constructing new professional office space or leasing comparable facilities, this offering provides exceptional value.
In addition to the quality improvements already completed, purchasers benefit from immediate occupancy, eliminating construction delays and minimizing tenant improvement costs.
OWNERSHIP VS. LEASING ANALYSIS
For many businesses, occupancy costs represent one of the largest operating expenses.
Ownership converts that expense into an investment.
Estimated Ownership
Purchase Price
$499,000
Estimated Down Payment (25%)
$124,750
Estimated Loan Amount
$374,250
Interest Rate (Assumed)
6.75%
Amortization
25 Years
Estimated Monthly Ownership Costs
Expense Monthly
Principal & Interest $2,560
Real Estate Taxes $564
Property Insurance $193
Common Area Maintenance $531
Estimated Monthly Ownership Cost $3,848
Estimated Monthly Lease Costs
Expense Monthly
Base Rent $3,271
Triple Net Expenses $1,287
Estimated Monthly Lease Cost $4,558
Estimated Monthly Savings
Approximately $700 Per Month
In addition to estimated monthly savings, ownership provides benefits that leasing cannot.
LONG-TERM BENEFITS OF OWNERSHIP
Equity Accumulation
Every mortgage payment increases ownership through principal reduction.
Appreciation Potential
Future increases in property value belong to the owner.
Stable Occupancy Costs
Fixed-rate financing can provide predictable occupancy costs, unlike leases that are subject to renewal negotiations and market rent increases.
Business Control
Ownership provides flexibility to renovate, improve, or expand the office environment without landlord approval.
Potential Tax Advantages
Ownership may provide deductions for:
• Mortgage Interest
• Real Estate Taxes
• Building Depreciation
• Certain Capital Improvements
Purchasers should consult their CPA regarding their specific tax situation.
WHY OWNER-USERS ARE BUYING COMMERCIAL OFFICE SPACE
Many successful professional firms have discovered that purchasing office space offers advantages beyond monthly cost savings.
Ownership transforms occupancy costs into an investment while providing stability, financial flexibility, and long-term wealth accumulation.
Businesses planning to remain in one location for five years or longer frequently find ownership to be one of their strongest long-term financial decisions.
BROKER'S OBSERVATION
In my opinion, this property is distinguished by three key strengths:
First, the flexible floor plan accommodates a wide range of professional users without significant renovation.
Second, the recent capital improvements throughout the office park reduce the likelihood of major near-term assessments, providing buyers with confidence in the property's condition.
Third, the combination of competitive pricing, immediate availability, and favorable ownership economics creates an outstanding opportunity for an owner-user to acquire quality office space while building equity instead of paying rent.
*Real Estate taxes are based on year 2025.
Mark Neighbors
CYPRESS REALTY LLC
