BEDS0
BATHS
MLS#2641300
STATUSActive
PROPERTY TYPEMulti Unit - Multiple
SUBDIVISIONOlathe
SCHOOLOlathe
Property Description
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 Features
Property Type: Multi Unit - Multiple
Basement: Yes
Heating: Central Gas
Home Style: Apartment
Lot Size: 0.18 Acres
Roof Type: Composition
Stories: 2.0
Year Built: 1920
Feature Descriptions
Days on Site: 59
Exterior: Stone & Frame
Flood Plain: No
Management: Off-Site Mgmt
Parking: Off Street
Parking Notes: Off Street
Sewer: Public Sewer
Unit: 1 Bedroom,2 Bedroom
Units: 6
Utilities: Cent Water Heater, Ind Heat And Air
Water: Public
Local Schools
School District: Olathe
Listed By / Shown
Listed By
Agency Name: Peak Real Estate Partners, LLC
Agency Phone: 913-221-3590
Shown By
Agent Name: MidStates Integrity Group
Agent Phone:
Agency Title: Trophy Properties and Auction
Estimate Your Payment
Estimated Payment
$ 0.00 per month $0.00 Principal & Interest $0.00 Property Tax (data not provided by mls) $0.00 Homeowner's Insurance
209 E Loula Street | MLS# 2641300
This multi-family property located at 209 E Loula Street, Olathe, KS 66061 is currently listed for sale with an asking price of call for price. E Loula Street is located within the Olathe school district. Search Olathe real estate on midstates-integrity-group.trophypa.com today.