0 Utopia Pkwy Queens, NY undefined

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.