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    Queens Village Land Package Deal Title is generated by Realmo AI

    93-50 224th Street, Queens Village, NY 11428

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    For Sale
    $2,000,000

    LAND - Queens Village, NY

    Lot size:
    0.17 Acres
    Added:
    Apr 21, 2026
    Days on Market:
    23
    Last Refresh:
    May 13 at 7:06 am

    Property Features for 93-50 224th Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    10741-0030
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    9242

    Utilities

    Sewer type
    Public Sewer

    We can help!

    Listing Contact
    Md Kabir H. Munshi
    Md Kabir H. Munshi

    Listing agent Md Kabir H. Munshi License #10401280773

    Listing office Exit Realty Prime 18910 Hillside Ave Ste E, Jamaica, NY

    Listing date Apr 21, 2026

    MLS# 988482 Listing URL

    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.

    HighLights

    • Package deal: Three properties included (two houses and one vacant land).
    • Substantial total lot size: Approximately 29,650 square feet.
    • Prime location in Queens Village: Enjoy the convenience of being close to Jamaica Avenue with access to supermarkets, shops, and restaurants.
    • Excellent transportation links: Short walk to bus and LIRR station with direct service to Manhattan and Brooklyn, and easy access to major highways.
    • Development potential: Suitable for residential development, community facility, or long‑term investment.
    • Minutes away from UBS Arena: Enjoy premier entertainment and event experiences.

    Overview

    This package deal includes three properties in Queens Village: two houses located at 93-44 224th Street (100 x 100 ft lot) and 93-50 224th Street (75 x 100 ft lot), and an adjacent vacant parcel (Block & Lot 10741-0216) measuring 75x162 ft. The combined lot size is approximately 29,650 square feet. The properties are located steps away from Jamaica Avenue, providing access to supermarkets, grocery stores, pharmacies, and local shops and restaurants. Transportation options include nearby bus and LIRR stations with service to Manhattan and Brooklyn, and access to the Cross Island Parkway and Grand Central Parkway. The location is also near the UBS Arena. The properties are surrounded by schools, parks, houses of worship, and healthcare facilities. The assemblage offers potential for residential development, a community facility, or a long-term investment project.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Queens Village
    County
    Queens
    State
    New York
    Longitude
    -73.731512
    Latitude
    40.722174

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    FAQs

    What type of property is this?
    Residential land & home lot - Three properties totaling 29,650 sqft in Queens Village.
    Where is this residential land & home lot located?
    The property is located at 93-50 224th Street Queens Village, NY.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: Package deal: Three properties included (two houses and one vacant land).; Substantial total lot size: Approximately 29,650 square feet.; Prime location in Queens Village: Enjoy the convenience of being close to Jamaica Avenue with access to supermarkets, shops, and restaurants.
    (646) 716-2054
    We can help!
    Listing Contact
    Md Kabir H. Munshi
    Md Kabir H. Munshi
    Real Estate License ID: 10401280773
    Learn More
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    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
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