13-Unit Riverfront
For Sale
$849,000
24 Bethune Street, Alexandria Bay, NY 13607
Hospitality property with dockage, an office, an owner’s unit, and public utilities.
Property Size3,684 SF
Days on Market47
Property Features for 24 Bethune Street
General Information
Standard status
Active
Size
3,684 SF
Total Parking Spaces
20
Property subtype
Commercial
Zoning
MD, Commercial
Additional Details
Business Included
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$12,454
Amenities
dockage
Building Details
Building Size
3,684 SF
Year Built
1948
Buildings
5
Stories
1
Listing Agency:
Lake Ontario Realty, LLC
(315) 649-3434
Listed By:
Amanda J Miller · License #49MI0953024
(315) 649-3434
Source:
Northstarwny
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 29 at 2:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lake Ontario Realty, LLC
Investment Insights
Based on property information with market context.
Located at 24 Bethune Street in Alexandria Bay, this hospitality property includes a 13-unit motel, an office, and a dedicated owner’s unit. The property occupies a riverfront setting along the Saint Lawrence River and includes dockage for as many as 15 boats, with several slips rented seasonally.
The property overlooks Boldt Castle and sits near the town docks, with area destinations accessible on foot. Public utilities serve the site. Built in 1948, the property is zoned MD, Commercial, and has received updates in recent years. Separate houseboats are also available for purchase and may provide additional accommodation options.
The property overlooks Boldt Castle and sits near the town docks, with area destinations accessible on foot. Public utilities serve the site. Built in 1948, the property is zoned MD, Commercial, and has received updates in recent years. Separate houseboats are also available for purchase and may provide additional accommodation options.
Key Highlights
- 13‑unit motel on the Saint Lawrence River
- Dockage accommodating up to 15 boats
- Office and owner’s unit included
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
$39,256
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
4.62%
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%
$785,120
$785.1K
Cap Rate 7%
$560,800
$560.8K
Cap Rate 9%
$436,178
$436.2K
Market Conditions
NOI Build-Up for 3,684 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
$93.3K $25.32/SF
− Vacancy
−$10.6K −$2.89/SF
EGI
$82.6K $22.43/SF
− OpEx
−$43.4K −$11.78/SF
NOI
$39.3K $10.66/SF
Area
Jefferson County, NY
Vacancy
11.40%
Lease Rate
$25.32 /SF/Yr
Expense Ratio
52.50%
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%
$785,120
Cap Rate 7%
$560,800
Cap Rate 9%
$436,178
Alternative Uses
Best Use
Hotel Hospitality
$560.8K
$490.7K – $654.3K
NOI $39,256 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$888.6K – $1.18M
NOI $71,086 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Well-served
Demand for This Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Capt.'s Inn & Suites — 116 Church St, Alexandria Bay, NY 13607
- ABay House — 99 Church St, Alexandria Bay, NY 13607
- Otter Creek Inn — 2 Crossmon St, Alexandria Bay, NY 13607
- Hill's Motor Court & Marina — 24 Bethune St, Alexandria Bay, NY 13607
- Maple Crest Motel — 11 Crossmon St, Alexandria Bay, NY 13607
Frequently Asked Questions
What type of property is this?
Motel - Hospitality property with dockage, an office, an owner’s unit, and public utilities.
Where is this motel located?
The property is located at 24 Bethune Street Alexandria Bay, NY.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 13‑unit motel on the Saint Lawrence River; Dockage accommodating up to 15 boats; Office and owner’s unit included
