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    Property profile & analytics

    223 Willis Ave Mineola, NY 11501

    • Investment properties
    • 432 SF
    • 0.12 lot acres
    OFF-MARKET
    Last Sale
    Jul 12, 2021
    $600,000
    Value Estimations
    $625,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1400661
    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

    • Vincenti's Barber Shop / Store
    • Margarita Quintero / Couture Store

    Property Details for 223 Willis Ave

    Year built
    1897
    Construction
    FRAME
    Lot size
    0.12 lot acres
    Property size
    432 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    09-408-00-0309
    APU
    9408000309

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $630,000
      ML approach
      $445,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $599,000
      Market price range: $256k - $600k
      AI Estimate
      $434,000
      Market price range: $19.5k - $435k

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

    Location Insight

    • Map
    • Local Demand
    City
    Mineola
    County
    Nassau
    State
    New York
    Longitude
    -73.6401
    Latitude
    40.7469
    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
    2023
    $22,098
    $1,662
    $2,008
    $3,670
    -
    $0.00
    $0.00
    $367,000

    Comparable in this City

    • Value Estimation
      $195,000
      875 SF

      207-209 Willis Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 875 SF
      207-209 Willis Ave, Mineola, NY 11501
      View Details
    • Value Estimation by Request
      2,960 SF

      80-84 2nd St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,960 SF
      80-84 2nd St, Mineola, NY 11501
      View Details
    • Value Estimation by Request
      216 SF

      118-120 Jericho Tpke

      OFFICE/RESIDENTIAL (MIXED USE) • 216 SF
      118-120 Jericho Tpke, Mineola, NY 11501
      View Details
    • Value Estimation by Request
      4,130 SF

      101 Main St, Unit 109

      OFFICE/RESIDENTIAL (MIXED USE) • 4,130 SF
      101 Main St, Mineola, NY 11501-4092
      View Details
    • Value Estimation
      $95,000
      1,300 SF

      142 Mineola Blvd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,300 SF
      142 Mineola Blvd, Mineola, NY 11501-3975
      View Details
    • Value Estimation
      $740,000
      720 SF

      136 Jericho Tpke

      OFFICE/RESIDENTIAL (MIXED USE) • 720 SF
      136 Jericho Tpke, Mineola, NY 11501-1824
      View Details

    Similar Nearby for Sale

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      6,200 SF

      Office Condo For Sale

      Office Condo For Sale
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    • $1,200,000

      Mineola Mixed-Use Investment Opportunity

      Mixed-use property in prime location with commercial and residential units.
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    • $999,000
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      Mineola Retail Building - Prime Location

      Two-story retail building, high visibility, ample parking.
      55 Willis Ave, Mineola, NY 11501
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    • $382,500

      Updated One-Bedroom Home in Mineola

      Meticulously maintained one-bedroom home in gated community near LIRR.
      3 Birchwood Ct, Mineola, NY 11501
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      Renovated Apartment in Gated Community

      Newly renovated one-bedroom apartment with modern amenities and convenient location.
      6 Birchwood Ct, Mineola, NY 11501
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    • $1,149,999
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      Mineola Redevelopment Corner Commercial Property

      Prime 11,700 sq ft lot in the heart of Mineola.
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    Similar Nearby for Lease

    • Contact for pricing
      5,273 SF

      Prime Mineola Retail Space

      New development, multiple units available
      199 2Nd St, Mineola, NY 11501
      View Details
    • Contact for pricing
      2,168 SF

      Retail Space on Jericho Turnpike

      Retail space available at a signalized intersection with ample parking.
      520-550 Jericho Tpke, Mineola, NY 11501
      View Details
    • $3,499 /Mo

      Retail Space For Rent

      Retail space available for lease.
      80 2Nd St, Mineola, NY 11501
      View Details
    • $4,500 /Mo
      1,800 SF

      Mineola Office Space For Rent

      Office space available in Mineola, New York, close to all.
      80 E Old Country Rd, Mineola, NY 11501
      View Details
    • $6,500 /Mo
      2,900 SF

      Mineola Retail Space for Lease

      2,900 SqFt retail space with showroom and offices.
      254 E Jericho Tpke, Mineola, NY 11501
      View Details
    • Contact for pricing
      6,000 SF

      Mineola Office Space For Rent

      6,000 SF office space with excellent accessibility.
      51 Charles St, Mineola, NY 11501
      View Details
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    223 Willis Ave
    Mineola, NY 11501
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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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