9 River Street, Saranac Lake, NY 12983
sale
$1,200,000
|
Other
Courtesy Of Tina Leonard Real Estate
Situated directly across from Lake Flower and Riverside Park, this 9-unit multifamily delivers immediate cash flow with significant upside. Current gross income is $11,550/month with rents running below market. The next owner inherits a stabilized asset and a clear path to forced appreciation. Unit 1 was recently renovated, establishing a proven value-add template for the portfolio. Units 5 and 7 offer private shared balcony access with stunning lake and mountain views. Unit 7, the owner's suite, features 3 beds, 2 baths, a Jacuzzi tub, skylights, wood stove fireplace, custom kitchen, and in-unit laundry. Most tenants cover their own utilities, keeping operating expenses lean and boosting net returns. Coin-operated basement laundry generates additional ancillary income. An on-site property manager resides in the building at reduced rent. Extensive foundation work was completed by the prior owner, reducing near-term capital risk. Riverside Park steps from the front door hosts free live music and a weekly farmers market during the warmer months adding genuine lifestyle value that supports tenant retention and attracts quality renters. Four-season tourism demand, protected land supply, a tight rental market, and a high cap rate make this a compelling long-term hold.
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Property Features
- Age: Over 50 Years Old
- Exterior Type: Vinyl Siding
- Exterior Type: Brick
- Floor Covering: Vinyl
- Floor Covering: Tile
- Floor Covering: Hardwood
- Heating System: Baseboard
- Heating System: Oil
- Heating System: Propane (Heating)
- MLSID: 207102
- Roof Type: Asphalt
- Roof Type: Metal
- View Type: Park
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