S Parker Gas Station
397 South Parker Street
Olathe, KS 66061
Highlights
- Owner-user NOI of approximately $186,000
- Owner-user pre-tax cash flow of approximately $202,000
- 2024 gross sales of $2.27 million without beer or wine
- Inside sales of $923,000 with clear value-add upside
- Inventory and goodwill added at closing for owner-user buyers
- Modified NNN investment option with $156,000 annual rent
- Real estate offered at $1,900,000 for both scenarios
- Prime BP hard-corner site with direct access to I-35
- Located in front of the 208-unit ARIA Luxury Apartments
- Strong activity from Olathe North High School, Hy-Vee, and Downtown Olathe
- Panasonic EV plant adding more than eight thousand jobs within twelve miles
- Heartland Coca-Cola completing a seven-hundred-thousand-square-foot campus
- $200 million Santa Fe and I-35 interchange improvements underway
- Olathe ranked the number twelve fastest-growing city in the United States
- Full financial package available upon request. Contact Sara Nylund at sara@selectsitesllc.com 913-529-9500
Description
Seize this versatile commercial property at a high-visibility, signalized hard corner in the heart of Olathe, Kansas. Offered two ways for maximum flexibility:
Owner-User / Value-Add: Delivered vacant at closing for immediate occupancy. Unlock untapped potential with proven inside sales of $923,775 in 2024 (zero beer sales) from a compact 969 SF convenience store—equating to an impressive $953 per SF. Comparable sites in Johnson County with alcohol sales often achieve even higher volumes and fuel pull-through.
Modified NNN Investment: Secure passive income with a reliable tenant in place. Parker BP LLC operates under a 10-year lease commencing February 2023 and extending through January 2033, featuring 2% annual rent escalations and two 5-year renewal options. The modified NNN structure shifts most responsibilities to the tenant, including utilities, maintenance, insurance, and operations, with minimal landlord exposure (estimated annual taxes ~$18,842). Current NOI is $137,158, delivering a 7.22% cap rate on the $1,900,000 asking price (real estate only; inventory and goodwill additional at closing).
This standalone BP station boasts eight modern fuel pumps under a durable steel canopy, on a 0.43-acre parcel with excellent ingress/egress. The BP fuel supply agreement extends through approximately 2031-2032, providing branding, imaging, and card-processing support. Annual fuel gallons average ~420,000, with strong historical performance: over $2.27M in total tenant sales for 2024 ($1.35M fuel + $924K merchandise) and a trailing 12-month estimate of ~$2.16M through July 2025.
Strategically positioned just off W Santa Fe Street at the intersection with S Parker Street (traffic counts exceeding 18,400 vehicles per day), the site benefits from dense residential neighborhoods, national retailers (e.g., Hy-Vee), and key demand drivers like Olathe North High School and downtown Olathe. Nearby developments, including Panasonic's EV battery plant (now operational, adding 8,000+ jobs) and Heartland Coca-Cola's 700,000 SF campus, are boosting commuter traffic and economic momentum. The $200M Santa Fe/I-35 interchange upgrade further enhances accessibility.
Olathe ranks as one of the fastest-growing cities in the U.S., making this an ideal 1031 exchange candidate, long-term hold, or value-add play. We're actively seeking qualified buyers to capitalize on this prime asset.
Strategically positioned just off West Santa Fe Street, this high-visibility corner location offers seamless access to I-35, making it an ideal site for retailers, fuel operators, and investors. Situated within a thriving commercial corridor, the property is surrounded by a mix of national retailers, professional services, and densely populated residential neighborhoods.
The site sits directly in front of the newly completed ARIA Luxury Apartments, a 208-unit Class A development, creating a built-in customer base and constant foot traffic. Other neighborhood anchors include Olathe North High School, Hy-Vee, and historic downtown Olathe, all of which contribute to the area’s exceptional daytime population and retail momentum.
Just a few miles to the south, Heartland Coca-Cola is completing a 700,000 SF bottling and distribution campus at 17100 S Hedge Lane, further reinforcing Olathe’s position as a growing logistics and employment hub. Major public infrastructure investments—like the $200M Santa Fe/I-35 interchange modernization project—signal long-term growth and rising land value in this corridor.
