Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    7555 198Th St Fresh Meadows, NY 11366

    Sponsored
    For Sale
    $1,150,000

    MULTI_FAMILY - Fresh Meadows, NY

    Lot size:
    0.07 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 6 at 6:06 pm

    Property Features for 7555 198Th St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4, Bathroom 3, Basement, Bedroom 1
    Bedrooms
    4
    Bathrooms
    3
    APN
    07215-0058
    Parking features
    Driveway
    Basement
    Full
    Lot size
    0.07 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Steam
    Water source
    Public

    Building Details

    Year built
    1950
    Number of units
    2
    Building materials
    Brick

    We can help!

    Listing Contact
    Ronald Ferrara

    Keller Williams Landmark II (347) 846-1200

    Listing agent Ronald Ferrara (347) 245-5183

    Listing date Feb 5, 2026

    MLS# 957659

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Fresh Meadows Two-Family Home

    Located in Fresh Meadows, this two-family home at 75-55 198th Street presents an opportunity for renovation. The property features a legal two-family configuration and is situated on a tree-lined block. Its location offers proximity to parks, schools, shopping, and transportation. The 0.0671-acre lot is located in Queens County, New York.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fresh Meadows
    County
    Queens
    State
    New York
    Longitude
    -73.772419
    Latitude
    40.732212

    Nearby Similar for Sale

    • $1,288,000
      Pending

      Two-Family Home in Fresh Meadows

      Charming two-family home in desirable Fresh Meadows neighborhood.
      183-11 64Th Ave, Fresh Meadows, NY 11365
      View Details
    • $29,880,000
      42,186 SF

      Fresh Meadows Hotel Portfolio

      Two modern hotel buildings in Fresh Meadows, New York.
      18331 Horace Harding Expy, Fresh Meadows, NY 11365
      View Details
    • Contact for pricing
      42,186 SF

      Fresh Meadows Hotel Portfolio Opportunity

      Two modern hotel buildings in Fresh Meadows with significant potential.
      18331 &18315 Horace Harding Expy, Fresh Meadows, NY 11365
      View Details
    • New
      $1,236,000
      0.07 Acres

      Two-Dwelling Residence in Fresh Meadows

      Two-dwelling residence with rental income potential near St. John High School.
      76-04 167Th St, Fresh Meadows, NY 11366
      View Details
    • $1,399,000
      Pending

      Renovated Two-Family Home, Prime Location

      Two-family home in excellent condition with parking and prime location.
      183-26 Booth Memorial Ave, Fresh Meadows, NY 11365
      View Details
    • New
      $1,958,000

      New Two-Family Home, Fresh Meadows

      New construction two-family home in Fresh Meadows, move-in ready.
      71-39 166Th St, Fresh Meadows, NY 11365
      View Details
    • $1,200,000
      Pending

      Two-Family Home Near Cunningham Park

      Well-maintained two-family home in Fresh Meadows, close to transportation.
      7516 197Th St, Fresh Meadows, NY 11366
      View Details
    • $1,388,000
      Pending

      Two-Family Home with Manicured Backyard

      Detached two-family home with finished basement and private driveway.
      164-12 76Th Ave, Fresh Meadows, NY 11366
      View Details
    • $2,590,000
      3,800 SF

      Fresh Meadows Multifamily Investment Opportunity

      Legal 5-family building in Fresh Meadows, updated and well-maintained.
      6126 164Th St, Fresh Meadows, NY 11365
      View Details
    • $1,198,000
      Pending

      Fresh Meadows Two-Family Home

      Two-family home in Fresh Meadows with investment potential.
      48-51 190Th St, Fresh Meadows, NY 11365
      View Details
    • $2,590,000
      3,900 SF

      Fresh Meadows Multifamily Investment Opportunity

      Updated 6-unit building near Main Street and Queens College.
      6126 164Th St, Fresh Meadows, NY 11365
      View Details
    • $1,360,000
      Pending

      Fresh Meadows Two-Family Brick Building

      Two-family brick building in Fresh Meadows with private driveway.
      6126 160Th St, Fresh Meadows, NY 11365
      View Details

    FAQs

    What type of property is this?
    Duplex - Two-family home in Fresh Meadows with renovation potential.
    Where is this duplex located?
    The property is located at 7555 198Th St Fresh Meadows, NY.
    What is the asking price?
    The asking price for this property is $1,150,000.
    What are key features of this property?
    This property features: - Excellent Fresh Meadows location close to parks, schools, shopping, and transportation.; - Legal 2-family configuration.; - Tremendous potential to renovate to your taste.
    (347) 245-5183
    Request Owner's contact information
    7555 198Th St Fresh Meadows, NY 11366
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    7555 198Th St
    Fresh Meadows, NY 11366
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    7555 198Th St Fresh Meadows, NY 11366
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Ronald Ferrara
    (347) 245-5183
    Learn more
    Google sign-in failed. Please try again or use another login method.