61-27 186th Street
Hospitality | 10.20% CAP | 155 Keys
Marketing description
The Lundgren Team at SERHANT. is pleased to present for sale 61-27 186th Street, a modern 155-key hotel property located in Fresh Meadows, Queens. Built in 2014, this institutional-quality asset spans 76,367 square feet across 11 stories and sits on a 12,000 square foot lot zoned C4-2.
The property is currently leased to Housing Works, a well-established New York-based nonprofit organization, under a gross lease that commenced in 2025 and runs through 2028. Housing Works utilizes the facility to provide transitional supportive housing as part of their mission to end homelessness and AIDS in New York City. The lease generates $6,523,950 in annual gross income. The landlord is responsible for operating expenses totaling $2,034,739, resulting in a net operating income of $4,489,211.
The property benefits from a strategic location approximately 5 miles from LaGuardia Airport, with strong proximity to major demand drivers including Citi Field, Arthur Ashe Stadium, St. John's University, and direct access to the Long Island Expressway. The asset is positioned in a supply-constrained hotel market with limited competition within a 2.9-mile radius.
Investment highlights
- Rare institutional scale hospitality asset in Queens with over 76,000 SF of existing improvements.
- Creditworthy tenant — Housing Works is an established nonprofit with 30+ years of operations and 850+ housing units across NYC.
- Fixed-term gross lease through 2028 providing near-term income stability and future flexibility.
- Approximate $6.52M gross income and $4.49M net income creates immediate scale and operational cash flow.
- Existing garage component totaling approximately 13,630 SF materially increases operational flexibility and long-term utility.
- Planned renovation and proposed 141-unit repositioning strategy creates future upside potential.
- Reinforced concrete construction and modern 2014 vintage materially differentiate the asset from aging Queens hospitality inventory.
- Freestanding configuration increases visibility, operational efficiency, and long-term institutional appeal.
- Strategic location 5 miles from LaGuardia Airport with proximity to Citi Field, US Open, UBS Arena, and major universities.
- Only hotel within a 2.9-mile radius, providing strong market positioning in a supply-constrained corridor.
- At lease expiration, owner can renew, convert to hotel operations, or pursue alternative uses.
- Existing improvements and modern systems reduce near term capital expenditure exposure.
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