NOT LISTED FOR SALE

593 N Somerset Terrace Olathe, KS 66062

-- Bed
-- Bath
5,120 Sq Ft
$217/mo HOA Fee

Last Sold June 17, 2022

7 Days on Market

About This Home

As of June 2022

Look no further, this turn-key 8 plex conveniently located in the heart of Olathe is in a great location and ready to cash flow. Consisting of eight 1-bed/1-Bath units this building is set to have new siding and windows installed in the coming months and will be ready for some major rent rises in the near future. Seven of the eight units have washer/dryer hook-ups inside the unit (none currently have washer/dryer in them). Rents are almost all below market and if washer/dryer added all the rents can be increased significantly. Mechanicals range from 10+ years old to newly replaced: hot water heaters, window AC/Heat (no central HVAC), refrigerator, oven/range and all units have been renovated within the last 8 years. HOA provides lawn care, snow removal & trash service. Roof is approx. 10 years old. Do not hesitate to offer on this one while you can!

Last Agent to Sell the Property

Trevor Lorance

Chartwell Realty LLC License #2015010286 Listed on: 03/28/2022

Chartwell Realty LLC

Co-Listed By

C Lorance Team

Chartwell Realty LLC

Last Buyer's Agent

Michelle Lutz

Lutz Sales + Investments License #SP00239672

Property Details

Home Type

  • Condominium

Est. Annual Taxes

  • $5,293

Year Built

  • Built in 1984

Lot Details

  • 1.7

HOA Fees

  • $217 Monthly HOA Fees

Parking

  • Off-Street Parking

Home Design

  • Composition Roof

Interior Spaces

  • 5,120 Sq Ft Home
  • 2-Story Property

Home Security

Schools

  • Indian Creek Elementary School
  • Olathe East High School

Utilities

  • Window Unit Cooling System
  • Heat Pump System

Listing and Financial Details

  • Assessor Parcel Number DP13500000-0T0D

Community Details

Overview

  • 8 Units

Additional Features

  • Gross Income $66,240
  • Fire and Smoke Detector

Property Details

Home Type

Condominium

Est. Annual Taxes

$5,293

Year Built

Built in 1984

Lot Details

0

HOA Fees

$217 per month

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: Apartment Building
  • Age Description: 31-40 Years
  • Legal Description: CITY/MUNI/TWP:OLATHE CERTIFICATE OF SURVEY LT 3 SOMERSET VILLAGE SIXTH PLAT ASRECORDED IN BK 2069 P 325 TR D& 1/5 INT IN TR F OLC 621 3 3 D MAP REF:MAP K30
  • Major Repair Costs: 225000.00
  • Major Repair Description: Replaced Siding
  • Package: No
  • Year Built: 1984
  • Co List Office Mls Id: CHAR
  • Co List Office Name: Chartwell Realty LLC
  • Co List Office Phone: 816-877-8700
  • Exclude From Reports: No
  • Internet Address Display: Yes
  • Internet Automated Valuation Dis: No
  • Internet Consumer Comment: No
  • Internet Entire Listing Display: Yes
  • List Agent Full Name: Trevor Lorance
  • List Office Mls Id: CHAR
  • List Office Name: Chartwell Realty LLC
  • List Office Phone: 816-877-8700
  • Mls Status: Sold
  • Operating Expense: 12228
  • Tax Total Amount: 5293
  • Unit Type: 1 Bedroom
  • Value Range Pricing: No
  • Special Features: None

Interior Features

  • Basement: No
  • Stories: 2

Exterior Features

  • Roof: Composition
  • Construction Materials: Other

Garage/Parking

  • Garage: No
  • Parking Features: Off Street

Utilities

  • Cooling: Heat Pump, Window Unit(s)
  • Heating: Heat Pump
  • Sewer: City/Public
  • Telecommunications: High Speed Internet - Available
  • Utilities: Cent Water Heater, Ind Heat And Air, Ind Water Heaters, Multi-Unit Heat/Air, Other
  • Cooling: No
  • Security Features: Smoke Detector
  • Water Source: City/Public, Private Meter

Condo/Co-op/Association

  • Type Of Management: Owner Manager
  • Association Fee: 217
  • Association Fee Frequency: Monthly

Association/Amenities

  • Association: Yes

Schools

  • School District: Olathe
  • Elementary School: Indian Creek
  • Middle School: Pioneer Trail
  • High School: Olathe East
  • Middle/Junior School: Pioneer Trail

Lot Info

  • In Floodplain: No
  • Building Area Total: 5120.00
  • Lot Size Area: 73998.00
  • Lot Size Area Units: Square Feet
  • Lot Size Sq Ft: 73998.00
  • Parcel Number: DP13500000-0T0D

Rental Info

  • Existing Lease Terms: One Year Lease

Building Info

  • Number of Units Total: 8

Multi Family

  • Gross Income: 66240
  • Current Occupancy Rate: 80-90%
  • Operating Expenses Include: Accounting, Advertising, Legal, Maintenance, Other, Property Insurance, Property Mgmt, Real Estate Tax, Refuse Collection

Tax Info

  • Tax Annual Amount: 5293.00

MLS Schools

  • Elementary School: Indian Creek
  • School District: Olathe
  • High School: Olathe East

Range of Values:

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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
06/17/2022 06/17/22 Sold -- -- --
03/28/2022 03/28/22 For Sale $885,000 +110.7% $173 / Sq Ft
11/15/2018 11/15/18 Sold -- -- --
09/30/2018 09/30/18 Pending -- -- --
08/29/2018 08/29/18 For Sale $420,000 0.0% $82 / Sq Ft
08/18/2018 08/18/18 Pending -- -- --
08/18/2018 08/18/18 For Sale $420,000 +25.4% $82 / Sq Ft
06/11/2014 06/11/14 Sold -- -- --
05/01/2014 05/01/14 Pending -- -- --
04/22/2014 04/22/14 For Sale $335,000 -- --
Source: Heartland MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Trevor Lorance

    Seller's Agent in 2022

    Trevor Lorance

    Chartwell Realty LLC

    (816) 699-1713

    7 in this area

    180 Total Sales

    Trevor Lorance
    Section Image

  • C

    Seller Co-Listing Agent in 2022

    C Lorance Team

    Chartwell Realty LLC

    (816) 877-8700

    7 in this area

    209 Total Sales

    C Lorance Team
    Section Image
  • Michelle Lutz

    Buyer's Agent in 2022

    Michelle Lutz

    Lutz Sales + Investments

    (888) 220-0988

    9 in this area

    205 Total Sales

    Michelle Lutz
    Section Image
  • Todd Marcus

    Seller's Agent in 2018

    Todd Marcus

    LOCAL AGENT

    (816) 797-7154

    1 in this area

    30 Total Sales

    Todd Marcus
    Section Image

  • D

    Buyer's Agent in 2018

    David Buckley

    Keller Williams Realty Partners Inc.

  • L

    Seller's Agent in 2014

    Linda Xu

    Kansas City Regional Homes Inc

See All Agents

Map

Source: Heartland MLS

MLS Number: 2370947

Heartland MLS
Kansas Johnson County Olathe 66062

593 N Somerset Terrace, Olathe, KS

This home is located at 593 N Somerset Terrace, Olathe, KS 66062 since 28 March 2022. This property was built in 1984. 593 N Somerset Terrace is a home located in Johnson County with nearby schools including Indian Creek Elementary School, Pioneer Trail Middle School, and Olathe East Sr High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Heartland MLS Based on information submitted to the MLS GRID as of [see last changed date above]. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some IDX listings have been excluded from this website. Prices displayed on all Sold listings are the Last Known Listing Price and may not be the actual selling price.
Listing Information presented by local MLS brokerage: TEN-X, INC., local REALTOR®- Arlene Richardson - (888)952-6393

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