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The Ritz 209 E Loula St 6 Unit Apartment Building $630,000 ($105,000/Unit) Olathe, KS 66061
Investment Highlights
- 6-unit multi-family asset in Downtown Olathe
- Off-street parking
- Private balconies in select units
- Great walkability
Executive Summary
The Ritz is a 6-unit multifamily property built in 1920 and located in the heart of downtown Olathe, KS, offered at $630,000. The property is currently 5 of 6 units occupied, with in-place rents on the 2 bed/1 bath units ranging from $725 to $950, indicating room to push rents to market level. The owner currently absorbs all water/sewer and trash expenses without tenant billback in place, giving a new owner two clear, low-lift value-add levers: raise in-place rents to market and implement a RUBS utility billback program. The property sits in a walkable, historic pocket of downtown Olathe that is in the midst of a well-funded revitalization, a new Downtown Olathe Library, the Johnson County Courthouse, Johnson County Square Park, and the County Square Commons dining and entertainment district (opening late 2026/early 2027) have all landed within the immediate area since 2021, alongside recurring draws like Fourth Fridays, the Garmin Marathon, and the Johnson County Old Settlers celebration. Central Elementary School sits just a few blocks away on E Cedar St, and the property borders a community garden, both strong pulls for the family and long-term renter demand this unit mix is built for.
Property Facts
| Price | $630,000 | Lot Size | 0.18 AC |
| Price Per Unit | $105,000 | Building Size | 4,798 SF |
| Sale Type | Investment | Average Occupancy | 83% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | Parking Ratio | 1.3/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Building Class | C | ||
| Zoning | C2 | ||
| Price | $630,000 |
| Price Per Unit | $105,000 |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 4,798 SF |
| Average Occupancy | 83% |
| No. Stories | 2 |
| Year Built | 1920 |
| Parking Ratio | 1.3/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | C2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $600.00 | 600 |
| 2+1 | 4 | $800.00 | 825 |
| 2+2 | 1 | $900.00 | 875 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | DP52000063-0003 | Improvements Assessment | $46,849 |
| Land Assessment | $6,051 | Total Assessment | $52,900 |
Property Taxes
Parcel Number
DP52000063-0003
Land Assessment
$6,051
Improvements Assessment
$46,849
Total Assessment
$52,900
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Contact the Sale Advisor
The Ritz | 209 E Loula St