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Listed by Jay Ruf Jr. • Peak Real Estate Partners, LLC
$ 630,000
Est. payment /mo
New
209 E Loula ST Olathe, KS 66061
7,840 Sqft Lot
UPDATED:
Key Details
Property Type Single Family Home, Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Olathe
MLS Listing ID 2641300
Year Built 1920
Annual Tax Amount $5,909
Lot Size 7,840 Sqft
Acres 0.18
Property Sub-Type Apartment
Source hmls
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.
Location
State KS
County Johnson
Zoning C2
Interior
Heating Natural Gas
Cooling Central Gas
Fireplace N
Laundry In Basement
Exterior
Parking Features false
Utilities Available Cent Water Heater, Ind Heat And Air
Roof Type Composition
Building
Story 2
Sewer Public Sewer
Water Public
Structure Type Stone & Frame
Schools
School District Olathe
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
NEARBY SCHOOLS
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