Listing Courtesy of: Stacy Faunce - Keller Williams Northern New York 315-459-6619
$825,000 affordable loan icon Calculate Payment

9 River St Saranac Lake, NY 12983

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General Commercial Residence
Beds
Baths
6,811 Sq. Ft.
0.27 Acre Lot
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Last updated on 11/15/2024 11:43 PM

Listing Details

Irving Lanes is a rare investment opportunity offering a strong 10.4% cap rate in the desirable Saranac Lake market. This 9-unit property, located downtown with lake-facing views, offers strong tenant appeal and long-term appreciation potential. It's a low-maintenance asset ideal for investors seeki...ng high returns. The property has undergone key updates, including a new roof in 2020, updated units, newer boilers, and on-demand water heaters, all reducing future maintenance costs. Saranac Lake benefits from overflow demand from nearby Lake Placid, a renowned Winter Olympics venue, making it attractive for both long-term tenants and short-term visitors. A thriving Airbnb unit, with just three days of vacancy in the past year, highlights its income potential. With agreements in place for long-term tenants to assist in managing the property, it's an ideal choice for remote investors. Proximity to a major hospital boosts demand from professionals like travel nurses, enhancing opportunities for furnished rentals. Irving Lanes is a prime value-add opportunity in a market poised for growth, offering increasing rental demand, forced appreciation, and a lakeside downtown location. Continue reading
MLS#
S1573870
Property Type
General Commercial
Year Built
1880
Square Feet
6,811 sq. ft
Lot Size
0.27
Sewer
Sewer Connected
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Listing Courtesy of: Stacy Faunce - Keller Williams Northern New York 315-459-6619
Andrea Conner, License 10311208085, Xome Inc., License 10991227159, [email protected], 844-400-XOME (9663), 750 Highway 121 Bypass, Suite 100, Lewisville, Texas 75067


The data relating to real estate on this web site comes in part from the Internet Data Exchange (IDX) Program of the New York State Alliance of MLSs (CNYIS, UNYREIS and WNYREIS). Real estate listings held by firms other than Xome are marked with the IDX logo and detailed information about them includes the Listing Broker’s Firm Name. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the listing broker(s) nor Xome shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. Per New York legal requirement, click here for the Standard Operating Procedures. Copyright © 2024 CNYIS, UNYREIS, WNYREIS. All rights reserved.
This content last refreshed on 11/15/2024 11:43 PM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
Information is deemed reliable but is not guaranteed.
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