Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    7303 198th St Flushing, NY 11366-1818

    • Investment properties
    • 1,848 SF
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    May 13, 2024
    Value Estimations
    $215,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3327053
    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

    • Adult & Pediatric Allergy / Allergist / Medical Clinic

    Property Details for 7303 198th St

    Year built
    1955
    Lot size
    0.07 lot acres
    Property size
    1,848 SF
    Zone code
    R3-2
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    07186-0001
    APU
    71860001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $220,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $135,000
      Market price range: $135k - $291k

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

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.7741
    Latitude
    40.7358
    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
    $8,903
    $15,600
    $45,360
    $60,960
    -
    $260,000
    $756,000
    $1,016,000

    Comparable in this City

    • Value Estimation
      $255,000
      1,872 SF

      7639 168th St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,872 SF
      7639 168th St, Flushing, NY 11366-1333
      View Details
    • Value Estimation
      $255,000
      2,100 SF

      7581 183rd St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,100 SF
      7581 183rd St, Flushing, NY 11366
      View Details
    • Value Estimation
      $240,000
      2,736 SF

      7519 162nd St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,736 SF
      7519 162nd St, Flushing, NY 11366-1136
      View Details
    • Value Estimation
      $215,000
      2,140 SF

      17502 73rd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,140 SF
      17502 73rd Ave, Flushing, NY 11366-1502
      View Details
    • Value Estimation
      $240,000
      2,086 SF

      7580 184th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,086 SF
      7580 184th St, Flushing, NY 11366-1715
      View Details
    • Value Estimation
      $235,000
      2,752 SF

      7503 164th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,752 SF
      7503 164th St, Flushing, NY 11366-1258
      View Details

    Similar Nearby for Sale

    • $1,698,000
      Pending

      Fresh Meadows Two-Family Brick Home

      Well-maintained duplex in prime location with separate entrances and garage.
      75-19 166Th St, Fresh Meadows, NY 11366
      View Details
    • $5,990,000

      Retail Storefront Units For Sale

      Three retail units in Fresh Meadows with high visibility.
      158-15 1D, Queens, NY 11366
      View Details
    • $1,299,000

      Two-Family House in Fresh Meadows

      Two-family house in South Fresh Meadows, great for investment.
      164-12 75Th Rd, Flushing, NY 11366
      View Details
    • $899,000

      Flushing Commercial Property with Garage

      Commercial property with basement and garage near Queens Hospital.
      78-46 Parsons Blvd, Flushing, NY 11366
      View Details
    • $758,000
      1,074 SF

      Spacious Condo in Fresh Meadows

      Three-bedroom condo with balconies, parking, and storage in Fresh Meadows.
      75-22 Parsons Blvd, Fresh Meadows, NY 11366
      View Details
    • $2,088,000
      0.09 Acres

      Commercial Land in Fresh Meadows

      Vacant commercial land with approved plans in Fresh Meadows.
      75-82 177Th St, Fresh Meadows, NY 11366
      View Details

    Similar Nearby for Lease

    • $45 SF/Yr
      5,000 SF

      Fresh Meadows Office Space Available

      5,000 SF office space for lease in Fresh Meadows.
      176-60 Union Tpke, Fresh Meadows, NY 11366
      View Details
    • $50,000

      Former Pharmacy Retail Space Available

      Retail space in prime location near universities and hospital.
      158-02 Union Tpke, Flushing, NY 11366
      View Details
    • $3,250,000
      2,330 SF

      New Retail Space Available

      Brand new retail space in high-traffic residential area.
      446-448 W 167Th St, New York, NY 11366
      View Details
    Request Owner's contact information
    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.
    7303 198th St
    Flushing, NY 11366-1818
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.