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    Property profile & analytics

    220-24 Merrick Blvd Unit, Unit 1ST Laurelton, NY 11413

    • Office buildings
    • 2,000 SF
    • 0.04 lot acres
    For Lease
    View listing
    $5,900 /Mo
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3367743
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Christy African Hair Braiding / Hair Salon

    Property Details for 220-24 Merrick Blvd Unit

    Year built
    1931
    Lot size
    0.04 lot acres
    Property size
    2,000 SF
    Zone code
    R5D
    Property type
    Office buildings
    APN
    13098-0032
    APU
    130980032

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $783,000
      Market price range: $535k - $1.02M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $740,000
      Current use
      WAREHOUSE, STORAGE
      $890,000
      Change: +20% Conversion: Difficult
      RETAIL STORES
      $860,000
      Change: +16% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $625,000
      Change: -16% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Laurelton
    County
    Queens
    State
    New York
    Longitude
    -73.7486
    Latitude
    40.6785
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $16,015
    $38,700
    $118,800
    $157,500
    -
    $86,000
    $264,000
    $350,000

    Comparable in this City

    • Value Estimation
      $1,495,000
      4,847 SF

      13009 Springfield Blvd

      OFFICE BUILDING (MULTI-STORY) • 4,847 SF
      13009 Springfield Blvd, Jamaica, NY 11413-1121
      View Details
    • Value Estimation
      $1,195,000
      4,215 SF

      14719 Springfield Ln

      OFFICE BUILDING (MULTI-STORY) • 4,215 SF
      14719 Springfield Ln, Jamaica, NY 11413-4117
      View Details
    • Value Estimation
      $1,285,000
      4,088 SF

      21714 Merrick Blvd

      PROFESSIONAL BUILDING • 4,088 SF
      21714 Merrick Blvd, Laurelton, NY 11413-1917
      View Details
    • Value Estimation
      $785,000
      2,880 SF

      13421 Springfield Blvd

      PROFESSIONAL BUILDING • 2,880 SF
      13421 Springfield Blvd, Springfield Gardens, NY 11413-1448
      View Details
    • Value Estimation
      $1,400,000
      4,300 SF

      23135 Merrick Blvd

      OFFICE BUILDING (MULTI-STORY) • 4,300 SF
      23135 Merrick Blvd, Laurelton, NY 11413-2111
      View Details
    • Value Estimation
      $12,935,000
      57,600 SF

      18230 150th Rd

      OFFICE BUILDING (MULTI-STORY) • 57,600 SF
      18230 150th Rd, Jamaica, NY 11413-4015
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,847 SF

      Office Building in Laurelton, Queens

      Office building on a 9,680 SF lot in Laurelton.
      13009 Springfield Blvd, Springfield Gardens, NY 11413
      View Details
    • $800,000
      Pending

      Spacious Duplex in Springfield Gardens

      Inviting duplex with potential for rental income or flexible living.
      141-12 184Th St, Springfield Gardens, NY 11413
      View Details
    • $449,000
      2,700 SF

      Springfield Gardens Multifamily Investment

      Two-unit apartment building, strong ROI.
      140-27 183Rd St, Springfield Gardens, NY 11413
      View Details
    • $1,125,000
      Pending

      New Saint Albans Two-Family Home

      New construction two-family home with modern amenities and income potential.
      121-09 195Th St, Saint Albans, NY 11413
      View Details
    • $1,175,000
      Pending

      Well-Maintained Duplex in Springfield Gardens

      Duplex with finished basement, ideal for homeowners or investors.
      14426 229Th St, Springfield Gardens, NY 11413
      View Details
    • $989,000
      0.07 Acres

      Springfield Gardens Multifamily Investment Opportunity

      Two units, convenient location, ideal for investors.
      146-15 221St St, Springfield Gardens, NY 11413
      View Details

    Similar Nearby for Lease

    • $2,400 /Mo
      750 SF

      Adaptable Office Space Available

      Customizable office space in high-traffic Springfield Gardens location.
      129-05 Merrick Blvd, Springfield Gardens, NY 11413
      View Details
    • Contact for pricing
      14,178 SF

      Office Space Available For Rent

      Office space available for rent with 14,178 square feet.
      230-39 International Airport Center Blvd, Springfield Gardens, NY 11413
      View Details
    • Contact for pricing
      3,117 SF

      Merrick Blvd Medical Office Space

      Prime Queens Medical Office, 3117 SF
      221-26 Merrick Blvd, Queens, NY 11413
      View Details
    • Contact for pricing
      12,835 SF

      Jamaica Warehouse Space Available

      12,835 square foot warehouse space for rent in Jamaica.
      146-145 226Th St, Jamaica, NY 11413
      View Details
    • $5,900 /Mo
      1,891 SF

      Retail Space in Laurelton, NY

      Retail space available for rent in Laurelton, NY.
      220-24 Merrick Blvd Unit, Laurelton, NY 11413
      View Details
    • Contact for pricing
      83,400 SF

      Jamaica Warehouse Space Available

      83,400 sq ft warehouse/industrial space for lease.
      182-22 150Th Ave, Jamaica, NY 11413
      View Details
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    Laurelton, NY 11413
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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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