335 Riverside Dr
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335 Riverside Dr
8,874 SF Sports & Entertainment Building Offered at $699,000 in Clayton, NY 13624
Investment Highlights
- Beautiful views of the St. Lawrence River and the Thousand Islands
- Attractive Seller Financing Terms Available
- Property needs complete restoration
- Potential Historic Tax Credits Available for renovations
- Ideal location across from the public park
Executive Summary
Historic Opportunity: 1000 Islands Inn for Sale
Step into a piece of history with the 1000 Islands Inn, a distinguished property that has welcomed guests from around the world for decades. This iconic inn has been a cherished destination for notable figures, including:
Admiral Richard Byrd, the first American to reach the South Pole
Maxine Andrews of the popular Andrews Sisters singing team
Country & Western legends Johnny & June Carter Cash, Loretta Lynn, and Conway Twitty
Sports celebrities like baseball greats Warren Spahn and Boog Powell, and basketball Hall of Famer Al Cervi
National fishing celebrities Orlando Wilson, Roland Martin, Larry Nixon, and Babe Winkelman
Actor, singer, comedian, and avid angler Foster Brooks
This storied property offers a unique opportunity to own a piece of hospitality history, with a legacy of renowned visitors and a reputation as a beloved destination for fishermen and celebrities alike.
Additionally, the 1000 Islands Inn presents a remarkable investment opportunity. Potential historic tax credits are available for those looking to restore this property to its former glory, offering significant financial incentives for rehabilitation efforts.
Overview with Potential Historic Tax Credit:
Property Overview:
Location: Clayton, 1000 Islands, NY
Property Type: Historic Inn
Total Rooms After Renovation: 20 rooms, converted to an Airbnb hotel model
Renovation and FFE Costs:
Total Renovation Costs: $1,862,700 ($175/sq ft renovation costs)
Potential Historic Tax Credit (50%): -$931,350 (subject to eligibility and approval)
Effective Renovation Costs After Potential Tax Credit: $931,350 (if credit is approved)
Furnishings, Fixtures, and Equipment (FFE): $400,000
Total Effective Project Costs Assuming Tax Credit Approval:
Effective Total Costs After Potential Tax Credits: $931,350 (Renovation) + $400,000 (FFE) = $1,331,350
5-Year NOI Projections:
Assuming an Average Daily Rate (ADR) of $175 and an occupancy rate of 45%:
Year Gross Operating Income Net Operating Income (NOI)
1 $574,875 $373,669
2 $586,373 $381,142
3 $598,100 $388,765
4 $610,062 $396,540
5 $622,263 $404,471
Don't miss your chance to continue the legacy of the 1000 Islands Inn.
Step into a piece of history with the 1000 Islands Inn, a distinguished property that has welcomed guests from around the world for decades. This iconic inn has been a cherished destination for notable figures, including:
Admiral Richard Byrd, the first American to reach the South Pole
Maxine Andrews of the popular Andrews Sisters singing team
Country & Western legends Johnny & June Carter Cash, Loretta Lynn, and Conway Twitty
Sports celebrities like baseball greats Warren Spahn and Boog Powell, and basketball Hall of Famer Al Cervi
National fishing celebrities Orlando Wilson, Roland Martin, Larry Nixon, and Babe Winkelman
Actor, singer, comedian, and avid angler Foster Brooks
This storied property offers a unique opportunity to own a piece of hospitality history, with a legacy of renowned visitors and a reputation as a beloved destination for fishermen and celebrities alike.
Additionally, the 1000 Islands Inn presents a remarkable investment opportunity. Potential historic tax credits are available for those looking to restore this property to its former glory, offering significant financial incentives for rehabilitation efforts.
Overview with Potential Historic Tax Credit:
Property Overview:
Location: Clayton, 1000 Islands, NY
Property Type: Historic Inn
Total Rooms After Renovation: 20 rooms, converted to an Airbnb hotel model
Renovation and FFE Costs:
Total Renovation Costs: $1,862,700 ($175/sq ft renovation costs)
Potential Historic Tax Credit (50%): -$931,350 (subject to eligibility and approval)
Effective Renovation Costs After Potential Tax Credit: $931,350 (if credit is approved)
Furnishings, Fixtures, and Equipment (FFE): $400,000
Total Effective Project Costs Assuming Tax Credit Approval:
Effective Total Costs After Potential Tax Credits: $931,350 (Renovation) + $400,000 (FFE) = $1,331,350
5-Year NOI Projections:
Assuming an Average Daily Rate (ADR) of $175 and an occupancy rate of 45%:
Year Gross Operating Income Net Operating Income (NOI)
1 $574,875 $373,669
2 $586,373 $381,142
3 $598,100 $388,765
4 $610,062 $396,540
5 $622,263 $404,471
Don't miss your chance to continue the legacy of the 1000 Islands Inn.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$574,875
|
$57.01
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$201,206
|
$19.95
|
| Net Operating Income |
$373,669
|
$37.06
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $574,875 |
| Annual Per SF | $57.01 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $201,206 |
| Annual Per SF | $19.95 |
| Net Operating Income | |
|---|---|
| Annual | $373,669 |
| Annual Per SF | $37.06 |
Property Facts
| Price | $699,000 | Building Class | C |
| Price Per SF | $79 | Lot Size | 0.19 AC |
| Sale Type | Investment | Building Size | 8,874 SF |
| Sale Conditions | Redevelopment Project | No. Stories | 3 |
| Property Type | Sports & Entertainment | Year Built | 1897 |
| Property Subtype | Theater/Concert Hall |
| Price | $699,000 |
| Price Per SF | $79 |
| Sale Type | Investment |
| Sale Conditions | Redevelopment Project |
| Property Type | Sports & Entertainment |
| Property Subtype | Theater/Concert Hall |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 8,874 SF |
| No. Stories | 3 |
| Year Built | 1897 |
PROPERTY TAXES
| Parcel Number | 223201-020-038-0002-026-000 | Improvements Assessment | $379,000 (2023) |
| Land Assessment | $46,000 (2023) | Total Assessment | $425,000 (2023) |
PROPERTY TAXES
Parcel Number
223201-020-038-0002-026-000
Land Assessment
$46,000 (2023)
Improvements Assessment
$379,000 (2023)
Total Assessment
$425,000 (2023)
zoning
| Zoning Code | Riverwalk B (Commercial) |
| Riverwalk B (Commercial) |
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John P Christopher
335 Riverside Dr
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