0 Utopia PkwyQueens, NY undefined
- Hospitality properties
- 28,000 SF
Property Details for 0 Utopia Pkwy
- Year built
- 2018
- Property size (Sq ft)
- 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.
Location Insight
- City
- Queens
- County
- Queens
- State
- New York
FAQs
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker?
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].