Waterfront Marina with Multifamily
New
For Sale
$3,900,000
16 Bethune Street, Alexandria Bay, NY 13607
CommercialSale, Alexandria Bay, NY
Property Size8,800 SF
Lot Size0.47 Acres
Price / SF$443.18
Days on Market1
Property Features for 16 Bethune Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
com
Zoning description
Commercial
Rooms
Basement
Parking
10
Lot features
Irregular Lot
Elementary school district
Alexandria
Middle school district
Alexandria
High school district
Alexandria
Directions
Coming down Church St., left on to Bethune St, main house and Airbnb 3 unit right on the road, marina down behind.
Subdivision
Alexandria-Village-222201
Standard status
Active
APN
222201-007-029-0001-045-000
Size
8,800 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Annual Amount
13700
Utilities
Sewer type
Public Sewer
Heating system
Propane (Heating), Forced Air
Water front features
Stream, River Access
Water front
1
Amenities
dockage
elevator
fiberglass paint shop
large boathouse
woodshop
crane
public water
public sewer
Building Details
Year built
1990
Floors in Building
2
Roof type
Metal, Asphalt
Listing Agency:
Lake Ontario Realty, LLC
(315) 649-3434
Listed By:
Amanda J Miller · License #49MI0953024
(315) 778-1191
Added: Sep 14
Last Checked: Sep 14 at 9:06PM
MLS# S1714591
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This waterfront marina property includes approximately 8,800 square feet across multiple buildings, with a main structure containing an elevator, office, retail area, bathrooms, fiberglass paint shop, storage, and a third-floor bonus area. The property also includes a boathouse, woodshop, crane, fuel dock, and equipment supporting marine operations. Public water and sewer serve the site, while propane and forced-air systems provide heating.
The marina faces the town docks and includes approximately 170 feet of shoreline with dockage. Located at 16 Bethune Street in Alexandria Bay, the property is within walking distance of the downtown area. Three short-term rental units are included, consisting of two one-bedroom units and one three-bedroom unit, along with a renovated two-bedroom primary residence.
The marina faces the town docks and includes approximately 170 feet of shoreline with dockage. Located at 16 Bethune Street in Alexandria Bay, the property is within walking distance of the downtown area. Three short-term rental units are included, consisting of two one-bedroom units and one three-bedroom unit, along with a renovated two-bedroom primary residence.
Key Highlights
- Approximately 170 feet of shoreline with dockage facing the town docks
- 8,800‑square‑foot marina property with multiple buildings
- Three short‑term rental units: two one‑bedroom units and one three‑bedroom unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$123,384
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,467,680
$2.5M
Cap Rate 7%
$1,762,629
$1.8M
Cap Rate 9%
$1,370,933
$1.4M
Market Conditions
NOI Build-Up for 8,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$222.8K $25.32/SF
− Vacancy
−$25.4K −$2.89/SF
EGI
$197.4K $22.43/SF
− OpEx
−$74.0K −$8.41/SF
NOI
$123.4K $14.02/SF
Area
Jefferson County, NY
Vacancy
11.40%
Lease Rate
$25.32 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,467,680
Cap Rate 7%
$1,762,629
Cap Rate 9%
$1,370,933
Alternative Uses
Best Use
Mixed Use
$1.76M
$1.54M – $2.06M
NOI $123,384 @ 7.0% cap · market cap 3.16%
Second Best
Retail
$1.52M
$1.33M – $1.77M
NOI $106,223 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$2.43M
$2.12M – $2.83M
NOI $169,805 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
Business Placement
Demographics for 13607, NY
1,610
Population
2,079
Households
0.8
Avg Household Size
52
Median Age
34%
College-Educated
96%
High-School Grad
16.3 sq mi
ZIP Area
99
Density / Sq Mi
$58,167
Median Household Income
$45,625
Median Earnings
$649
Median Rent
$168,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Marina - Waterfront marina with dockage, supporting buildings, and on-site residential units.
Where is this marina located?
The property is located at 16 Bethune Street Alexandria Bay, NY.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Approximately 170 feet of shoreline with dockage facing the town docks; 8,800‑square‑foot marina property with multiple buildings; Three short‑term rental units: two one‑bedroom units and one three‑bedroom unit
