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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

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.
More about this property
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