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    223+225 Neil St Saranac Lake, NY 12983

    Sponsored
    For Sale
    $459,900

    MULTI_FAMILY - Other - Saranac Lake, NY

    Property size:
    3,687 SF
    Lot size:
    0.18 Acres
    Days on Market:
    7
    Last Refresh:
    Mar 1 at 11:06 pm

    Property Features for 223+225 Neil St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Mixed
    APN
    446.76-6-9
    Parking
    6
    Parking features
    Open, Off Street
    Patio and Porch features
    Porch, Deck
    Interior features
    Apartment
    Exterior features
    Balcony, Private Entrance
    Basement
    Finished, Apartment
    Appliances
    Free-Standing Electric Oven, Free-Standing Electric Range
    Size
    3,687 SF
    Lot size
    0.18 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Baseboard, Hot Water(Heating), Oil
    Water source
    Public

    Building Details

    Year built
    1920
    Number of units
    4
    Building materials
    Frame
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Stephanie Mason
    Stephanie Mason

    Mason Realty Team (914) 772-3949

    Listing agent Stephanie Mason (914) 772-3949

    Listing date Feb 24, 2026

    MLS# 206606

    Copyright © 2026 Adirondack Champlain Valley MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Multi-Unit Investment Opportunity

    This property presents a multi-unit investment opportunity, featuring two separate buildings situated on a single parcel. The first building is a standalone single-family style home with 3 bedrooms and 1.5 baths, suitable for varied rental arrangements or owner-occupancy. The second building comprises 3 units: one 3-bedroom, 1-bath unit; one 2-bedroom, 1-bath unit; and one 1-bedroom, 1-bath basement unit. The property generates $4,300 per month in rental income and has potential for increased returns, as current rents are below market value. The separate layouts allow for a diversified tenant mix and long-term cash flow. The property is located in Saranac Lake, NY. The property size is 3,687 square feet and the lot size is 0.18 acres. The zoning is mixed.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Map

    City
    Saranac Lake
    County
    Franklin
    State
    New York
    Longitude
    -74.13538
    Latitude
    44.329034

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    FAQs

    What type of property is this?
    Apartment building - Two buildings, four units, fully rented, income potential.
    Where is this apartment building located?
    The property is located at 223+225 Neil St Saranac Lake, NY.
    What is the asking price?
    The asking price for this property is $459,900.
    What are key features of this property?
    This property features: - Generates $4,300/month in rental income.; - Two separate buildings on one property.; - Upside potential as rents are below current market value.
    (914) 772-3949
    Request Owner's contact information
    223+225 Neil St Saranac Lake, NY 12983
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    Saranac Lake, NY 12983
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    223+225 Neil St Saranac Lake, NY 12983
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    We can help!
    Listing Contact
    Stephanie Mason
    Stephanie Mason
    (914) 772-3949 (914) 437-6100
    Learn more
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