Utopia Pkwy Queens, NY undefined
- Hospitality properties
- 28,000 SF
Current Use by Public Records
- Hospitality properties
Property Details for 0 Utopia Pkwy
- Year built
- 2018
- Property size
- 28,000 SF
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
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.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.9485424
- Latitude
- 40.744679
