9 River Street
$825,000
9
6,811
6,811
$121
Pending
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Description
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 seeking 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...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 seeking 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.
- Listed by Stacy Faunce • Keller Williams Northern New YorkP: (315)-459-6619 C: (315)-486-7438 stacyfaunce@kw.com
Property Details for 9 River Street
Waterfront Description
Lake
On WaterfrontNo
Parking DescriptionThree Or More Spaces, Driveway, No Garage
Nearest Cross StreetRt 3
LISTING UPDATED: 11/18/2024 04:38 PM
Property Details for 9 River Street
Status | Pending |
---|---|
MLS # | S1573353 |
Days on Market | 23 |
Taxes | $11,629 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Multi Family / Commercial |
Year Built | 1880 |
Lot Size | 0.27 AC / 11,761 SF |
County | Franklin County |
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Building Information for 9 River Street
Stories2Residences9Year Built1880Building Size-Lot Size0.27 AC / 11,761 SF
Property Information for 9 River Street
Property History for 9 River Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 9 River Street
Taxable ValueLand$17,600Additions$352,400Total$370,000
Home Facts
Total Finished SqFt6,811 SqFtAbove Grade Finished SqFt6,811 SqFtUnfinished Basement SqFt2,050 SqFtStories2Lot Size11,761 SqFtStyleMulti-Family Res (5+ Units)Year Built1880Zoning05 - COMMERCICountyFRANKLINAPN164601 447.77-8-16
Schools near 9 River Street
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Public - | K to 5 |
Rating | School | Distance |
---|---|---|
Petrova Elementary School PublicK to 5 | ||
Saranac Lake Middle School Public6 to 8 | ||
Saranac Lake Senior High School Public9 to 12 | ||
Bloomingdale School PublicK to 5 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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