13-Unit Riverfront
For Sale
$849,000
24 Bethune Street, Alexandria Bay, NY 13607
COMMERCIAL - Alexandria Bay, NY
Property Size3,684 SF
Lot Size0.56 Acres
Price / SF$230.46
Days on Market37
Property Features for 24 Bethune Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MD
Zoning description
Commercial
Parking
20
Parking features
Paved or Surfaced
Lot features
Rectangular, Rectangular Lot
View
Water
Elementary school district
Alexandria
Middle school district
Alexandria
High school district
Alexandria
Directions
North on 12, take left at light in Alex Bay, take left on Church St then left on to Bethune. Property will be on the right. Look for Hill Motor Court sign.
Subdivision
Alexandria-Village-222201
Standard status
Active
APN
222201-007-029-0001-050-000
Size
3,684 SF
Lot size
0.56 Acres
Taxes and HOA fees
Tax Annual Amount
12454
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Water source
Public
Water front features
River Access, Stream
Water front
1
Amenities
dockage
Building Details
Year built
1948
Floors in Building
1
Roof type
Asphalt, Metal
Listing Agency:
Lake Ontario Realty, LLC
(315) 649-3434
Listed By:
Amanda J Miller · License #49MI0953024
(315) 649-3434
Added: Jul 15
Changed: Aug 19
Last Checked: Aug 20 at 3:06AM
MLS# S1696948
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 3,684-square-foot motel property was built in 1948 and includes 13 guest units, an office, and an owner’s unit. The site encompasses 0.5572 acres and includes paved parking, electric baseboard heating, asphalt and metal roofing, and access to public water and sewer systems. Zoning is MD.
Positioned along the Saint Lawrence River, the property includes dockage for up to 15 boats, with river access and a stream listed among the waterfront features. Boldt Castle is visible from the property, and the town docks and other local destinations are within walking distance. The property is located at 24 Bethune Street in Alexandria Bay, NY 13607.
Positioned along the Saint Lawrence River, the property includes dockage for up to 15 boats, with river access and a stream listed among the waterfront features. Boldt Castle is visible from the property, and the town docks and other local destinations are within walking distance. The property is located at 24 Bethune Street in Alexandria Bay, NY 13607.
Key Highlights
- 13‑unit motel with office and owner’s unit
- 3,684 square feet on 0.5572 acres
- Dockage accommodating up to 15 boats
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
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Similar Off Market Nearby
- Otter Creek Inn — 2 Crossmon St, Alexandria Bay, NY 13607
- Capt.'s Inn & Suites — 116 Church St, Alexandria Bay, NY 13607
- Maple Crest Motel — 11 Crossmon St, Alexandria Bay, NY 13607
- ABay House — 99 Church St, Alexandria Bay, NY 13607
- Hill's Motor Court & Marina — 24 Bethune St, Alexandria Bay, NY 13607
Frequently Asked Questions
What type of property is this?
Motel - Motel property with boating access, guest accommodations, an owner’s unit, and paved parking near town docks.
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 with office and owner’s unit; 3,684 square feet on 0.5572 acres; Dockage accommodating up to 15 boats
