9 River Street

Saranac Lake, NY 12983

$825,000
Price
9
Beds
6,811 Sq. Ft.
$121 / Sq. Ft.
6,811
Sq. Ft.
$121
per Sq. Ft.

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.
  1. Listed by Stacy Faunce • Keller Williams Northern New York
    P: (315)-459-6619 C: (315)-486-7438 stacyfaunce@kw.com

Property Details for 9 River Street

Waterfront Description
Lake
On Waterfront
No
Parking Description
Three Or More Spaces, Driveway, No Garage
Nearest Cross Street
Rt 3
LISTING UPDATED: 11/18/2024 04:38 PM

Property Details for 9 River Street

StatusPending
MLS #S1573353
Days on Market23
Taxes$11,629 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family / Commercial
Year Built1880
Lot Size0.27 AC / 11,761 SF
CountyFranklin County

Virtual Tour

Building Information for 9 River Street

Stories2Residences9Year Built1880Building Size-Lot Size0.27 AC / 11,761 SF

Property Information for 9 River Street

Summary
Location and General Information
  • Elementary School District: Saranac Lake
  • High School District: Saranac Lake
  • Middle Or Junior School District: Saranac Lake
  • Village: Saranac Lake-Village
  • View: Water
  • View YN: Yes
  • Human YN: Yes
Parking
  • Garage Spaces per Apt: .00
  • Garage YN: No
Taxes and HOA Information
  • Area NYSWIS Code: Saranac Lake Village-Franklin Co.-164601
  • Tax Annual Amount: $11,629.00
Property
Lot Information
  • Building Area Source: Public Records
  • Building Area Total: 6811.0
  • Land Features: Corner Lot
  • Num Of Acres: 0.27
  • Lot Size Area: 0.27
  • Lot Size Units: Acres
  • Parcel Number: 447.77-8-16
Property and Assessments
  • Property Condition: Resale
  • Senior Community YN: No
  • Assessed Value: $370,000
  • Year Built: 1880
  • Year Built Description: Existing
  • Property Sub Type Additional: Commercial
Utilities
  • Sewer Description: Connected
  • Utilities Available: Sewer Connected, Water Connected
  • Water Supply: Connected, Public
Interior and Exterior Features
Exterior Features
  • Community Features: Laundry Facilities
  • Construction Materials: Brick, Vinyl Siding
  • Roof Description: Asphalt
Interior Features
  • Appliances: Electric Oven, Electric Range, Electric Water Heater, Gas Oven, Gas Range, Oil Water Heater, Refrigerator
  • Basement Description: Crawl Space
  • Num Of Possible Bedrooms: 9
  • Num Fireplaces Total Calculated: 0
  • Fireplace YN: No
  • Floor Description: Carpet, Hardwood, Varies
  • Heating: Electric, Baseboard, Hot Water
  • Heating YN: Yes
  • Interior Features: Ceiling Fans, Skylights
  • Laundry Features: Coin Operated
  • Levels: Two
  • Sq Ft Total: 6811.0
  • Main Level Bathrooms: 0
  • Window Features: Skylights
Multi Family
Multi-Family Information
  • Number Of Units Total: 9
  • Operating Expense Includes: Other, See Remarks
  • Stories: 2
  • Stories Total: 2
Rental
Rental Information
  • Rent Includes: Snow Removal
  • Lease Amount Per Area Unit: Dollars Per Square Foot

Property History for 9 River Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity. Subject to change at any time. Compass makes no guarantee, warranty or representation regarding the accuracy of any waterfront feature, water view or waterfront view.

Listing Courtesy of Keller Williams Northern New York

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