6,811 SqFt
6,811 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,811 sqft
Price per Sqft $176
MLS Listing ID 207102
Year Built 1880
Annual Tax Amount $11,865
Lot Size 0.270 Acres
Acres 0.27
Property Sub-Type Multi Family
Source Adirondack-Champlain Valley MLS
Property Description
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.
Location
State NY
County Franklin
Zoning Commercial
Direction Located at the 4-way in Saranac Lake across from the Town Hall next to the Verizon Store.
Body of Water Lake Flower
Interior
Interior Features Apartment, Beamed Ceilings, Coffered Ceiling(s), High Ceilings, Kitchen Island, Recessed Lighting
Heating Baseboard, Oil, Propane
Cooling None
Flooring Hardwood, Tile, Vinyl
Laundry In Basement
Exterior
Exterior Feature Balcony
Parking Features Unpaved
Utilities Available Cable Connected, Electricity Connected, Internet Connected, Sewer Connected, Water Connected, Water Meter Master
View Downtown, Mountain(s), Neighborhood, Park/Greenbelt, Trees/Woods
Roof Type Asphalt,Metal
Street Surface Paved
Road Frontage Public
Building
Sewer Public Sewer
Water Public
Structure Type Brick,Vinyl Siding
Schools
School District Saranac Lake
Others
Senior Community No
Tax ID 447.77-8-16
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Nearby Locations
GET MORE INFORMATION
Licensed Real Estate Salesperson | Lic# 10401292481