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    Utopia Pkwy Queens, NY undefined

    For Sale
    $28,000,000

    95-key Marriott, prime Queens location.

    Property size:
    28,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    362
    This exceptional 95-key Marriott hotel presents a lucrative investment opportunity near John F. Kennedy International Airport in Queens, New York. Built and renovated in 2018, this six-story property boasts approximately 28,000 to 32,000 square feet and sits on a lot ranging from 2,000 to 3,000 square feet, with a land value of $600 to $800 per square foot. Currently operating at 80% occupancy, the hotel projects a strong return on investment. The current NOI is $2,000,000, with a pro-forma NOI of $2,500,000, resulting in a current cap rate of 7.14% and a pro-forma cap rate of 8.93%. The asking price is $28,000,000, translating to approximately $294,736.84 per key. The property is zoned C 2-2 and includes 10 parking spaces. The hotel is non-unionized and offers significant potential for growth. Projected occupancy reaches 100% by October 1, 2024. This is a freehold ownership opportunity, with no ground lease in place. Serious inquiries only.

    Property Features for 0 Utopia Pkwy

    General Information

    Property type
    Hotels
    Square Feet
    28,000 SF

    Building Details

    Year Built/Renovated
    2018/2018
    Buildings
    1
    Stories
    6

    HighLights

    • 95‑room non‑unionized Marriott hotel near JFK Airport in Queens, NY.
    • Offered at $28,000,000.
    • Buyer must provide a down payment of 50% or more.
    • Serious inquiries only.
    • Property features approximately 28,000‑32,000 square feet, a 7.14% cap rate (8.93% pro‑forma), and an 80% occupancy rate (projected 100% by 10/1/2024).
    Property Profile Location Intelligence

    Current Use by Public Records

    Hotels

    Map

    City
    Queens
    County
    Queens
    State
    New York

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    FAQs

    What type of property is this?
    Hotel - 95-key Marriott, prime Queens location.
    Where is this hotel located?
    The property is located at Utopia Pkwy Queens, NY.
    What is the asking price?
    The asking price for this property is $28,000,000.
    What are key features of this property?
    This property features: 95-room non-unionized Marriott hotel near JFK Airport in Queens, NY.; Offered at $28,000,000.; Buyer must provide a down payment of 50% or more.
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    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
    Utopia Pkwy Queens, NY undefined
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