61-27 186th St 76,367 SF Specialty Building Offered at $44,000,000 at a 10.20% Cap Rate in Fresh Meadows, NY 11365

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.