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

    29 St LIC, NY 11101

    Sponsored
    For Sale
    $45,000,000

    150-key Marriott Hotel; Value-Add Opportunity

    Property size:
    125,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    Exceptional investment opportunity: a 150-key Marriott Hotel in Long Island City, Queens, NY. This 13-story, 125,000 square foot property boasts an 80% occupancy rate (as of December 31, 2021) and a strong NOI of $5,000,000, resulting in an 11.11% cap rate. Built in 2009 and renovated the same year, the hotel presents a compelling value-add proposition. The asking price is $45,000,000, translating to $360 per square foot and $300,000 per key. The property is zoned M1-3 and includes 20 parking spaces. This non-unionized hotel is situated in a prime Long Island City location, offering significant potential for increased profitability. The land value is estimated at $400-$500 per square foot. This is an owner/user investment opportunity with significant upside potential. The property features a strong operating history and is well-positioned to benefit from continued growth in the Long Island City market. This is a rare opportunity to acquire a high-performing Marriott hotel in a thriving location.

    Property Features for 0 29 St

    General Information

    Property type
    Hotels
    Square Feet
    125,000 SF

    Building Details

    Year Built/Renovated
    2009/2009
    Buildings
    1
    Stories
    13

    HighLights

    • $45,000,000 asking price for a 150‑key Marriott Hotel in Long Island City, Queens.
    • 125,000 square feet, 13 stories, built in 2009.
    • $360 per square foot; $300,000 per key.
    • 11.11% cap rate, with an 80% occupancy rate as of December 31, 2021, and a $5,000,000 NOI.
    • Non‑unionized hotel in an M1‑3 zoned area with 20 parking spaces.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    LIC
    County
    Queens
    State
    New York
    Longitude
    -73.9323949
    Latitude
    40.7560383

    Nearby Comparable

    • Contact for pricing

      Long Island City Vacant Land

      4,680 SF plot in Long Island City.
      3721 29Th St, Long Island City, NY 11101
      View Details
    • $2,600,000
      13,100 SF

      Astoria Multifamily Investment Opportunity

      Sixteen-unit Astoria property, high ROI potential.
      3616 30Th St, Astoria, NY 11106
      View Details
    • $5,650,000
      9,932 SF

      Astoria Mixed-Use Investment

      Eleven-unit building, prime Astoria location
      36-38 31St St, Queens, NY 11106
      View Details
    • $1,189,000
      Pending

      Astoria Duplex Near Manhattan

      Two-family house in prime Astoria location, delivered vacant.
      36-44 32Nd St, Astoria, NY 11106
      View Details
    • $1,400,000
      0.04 Acres

      Long Island City Multi-Family

      Multi-family property in Long Island City, Queens.
      36-11 31St St, Long Island City, NY 11106
      View Details
    • $1,400,000
      0.04 Acres

      Long Island City Multifamily Property

      Multifamily property for sale in Long Island City, NY.
      36-09 31St St, Long Island City, NY 11106
      View Details
    • $295,000

      Astoria Wholesale & Discount Store

      Profitable wholesale and discount store for sale in Astoria.
      3637 31St St, Queens, NY 11106
      View Details
    • $1,500,000
      1,870 SF

      Long Island City Multi-Unit Residence

      Two-family house in Long Island City for sale.
      38 27Th St, Long Island City, NY 11369
      View Details
    • $438,000

      Spacious Co-op in Prime Location

      Convenient Flushing co-op with abundant space and natural light.
      147-25 38Th Ave, Queens, NY 11354
      View Details
    • $360,000

      Spacious Coop Apartment with Views

      Bright, high-floor coop with open layout and convenient location.
      147-31 38Th Ave, Queens, NY 11354
      View Details
    • $363,000

      Spacious Woodside Co-op Apartment

      One-bedroom co-op with renovated kitchen and stainless steel appliances.
      65-15 38Th Ave, Queens, NY 11377
      View Details
    • $1,380,000

      Queens Detached Two-Family Home

      Detached two-family home in prime Queens location near transit.
      69-22 38Th Ave, Queens, NY 11377
      View Details

    FAQs

    What type of property is this?
    Hotel - 150-key Marriott Hotel; Value-Add Opportunity
    Where is this hotel located?
    The property is located at 29 St LIC, NY.
    What is the asking price?
    The asking price for this property is $45,000,000.
    What are key features of this property?
    This property features: $45,000,000 asking price for a 150-key Marriott Hotel in Long Island City, Queens.; 125,000 square feet, 13 stories, built in 2009.; $360 per square foot; $300,000 per key.
    Request Owner's contact information
    29 St LIC, NY 11101
    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.
    29 St
    LIC, NY 11101
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    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.

    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.

    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
    29 St LIC, NY 11101
    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
    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.