New Listing
$630,000
 $3,382 est/mo Sourced by Back At You

209 E Loula Street,Olathe, KS 66061

Olathe, KS 66061

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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.

Details

MLS #2641300
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1920
Days On Site2
Listing Provided ByPeak Real Estate Partners, LLC | Jay Ruf Jr.

Features

BasementY
Story(s)2
Units6
ZoningC2
Acreage0.18

Taxes

Property5909

Area Information

StateKS
CountyJohnson, KS
CityOlathe
Zip Code66061
Area335 N=135th;S=167th;E=Pflumm;W=Moonlight Rd
Community NameOlathe
Listing VS Median (in Olathe)
Price:
$630,000
low | high
Med:
$362,500
92.460317460317% of Average
On site:
2
low | high
Med:
49
4.081632653061% of Average
Sourced by Back At You

Market Activity 66061

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Listings courtesy of Kansas City Regional Association of REALTORS as distributed by MLS GRID.

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Learn More About This Property

StateKS
CountyJohnson, KS
CityOlathe
Zip Code66061
Area335 N=135th;S=167th;E=Pflumm;W=Moonlight Rd
Community NameOlathe
Listing VS Median (in Olathe)
Price:
$630,000
low | high
Med:
$362,500
92.460317460317% of Average
On site:
2
low | high
Med:
49
4.081632653061% of Average
Sourced by Back At You
Nearby Listings (Within 1/10 mile)
Price: $472K - $787K
sqft: 0 - 0
Nearby Listings Property ImageNearby Listings Details
226 S Chestnut Street Property Photo 1
$325,000
226 S Chestnut Street
Olathe, KS 66061
Listing Updated: September 10, 2026 at 7:00:29 PM PDT
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