29 St LIC, NY 11101
- Hospitality properties
- 125,000 SF
Current Use by Public Records
- Hospitality properties
Property Details for 0 29 St
- Year built
- 2009
- Property size
- 125,000 SF
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
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.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- LIC
- County
- Queens
- State
- New York
- Longitude
- -73.9324
- Latitude
- 40.756
