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    Colonial Revival Multifamily Property Title is generated by Realmo AI

    115 Main Street, Saranac Lake, NY 12983

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    For Sale
    $760,000

    COMMERCIAL - Saranac Lake, NY

    Property size:
    3,740 SF
    Lot size:
    0.29 Acres
    Price / SF:
    $203/SF
    Added:
    Apr 28, 2026
    Days on Market:
    39
    Last Refresh:
    Jun 5 at 12:06 pm

    Property Features for 115 Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Parking features
    Garage, Driveway
    Interior features
    Apartment, Built-in Features, Ceiling Fan(s), Entrance Foyer, High Speed Internet, Primary Downstairs
    Exterior features
    Lighting, Private Entrance, Private Yard
    Fencing
    Privacy
    Basement
    Full, Walk-Out Access, Partially Finished
    Appliances
    Dryer, Electric Oven, Electric Range, Refrigerator, Washer
    Standard status
    Active
    APN
    447.77-4-4
    Size
    3,740 SF
    Lot size
    0.29 Acres

    Taxes and HOA fees

    Tax Annual Amount
    8498

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating), Oil
    Water source
    Public

    Building Details

    Year built
    1892
    Floors in Building
    3
    Number of units
    3
    Flooring type
    Tile, Carpet, Vinyl
    Building materials
    Wood Siding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Kristina Clifford

    Listing agent Kristina Clifford

    Listing office Say Real Estate 87 River Street, Saranac Lake, NY

    Listing date Apr 28, 2026

    MLS# 207049

    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.

    HighLights

    • Historic Colonial Revival home built in 1892; remodeled in 1907 by Scopes and Feustmann
    • Converted to multifamily in the late 1950s and currently houses 5 residential units
    • Wood siding exterior with asphalt roof
    • Interior features include entrance foyer, built‑in features, ceiling fans, and primary bedroom downstairs
    • Appliances included: washer, dryer, electric range, electric oven, and refrigerator
    • Utilities include public water and public sewer; cable available; parking includes garage and driveway

    Overview

    This Colonial Revival building, formerly the Lawrason Brown Office and Residence, was remodeled in 1907 by Scopes and Feustmann for Dr. Lawrason Brown, who was the resident physician at the Trudeau Sanatorium from 1901 to 1912. Converted to a multifamily property in the late 1950s, the building has undergone numerous upgrades and is currently in excellent condition. The property houses five residential units. Situated at a high-traffic intersection at Main and Church St, the location is near the Hotel Saranac, the renovated Trudeau building, the upcoming Pendragon Theatre, Berkley Green, the rail trail, and Rivertrail Beerworks. The property, meticulously maintained by its owners, has seen only six owners to date. It is located in Saranac Lake, NY, and the lot size is 0.29 acres. The property size is 3740 square feet. The property is zoned commercial and could be used for a commercial venture.
    Property Profile Location Intelligence

    Current Use by Public Records

    Herrmann Paul J Law Firm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Saranac Lake
    County
    Franklin
    State
    New York
    Longitude
    -74.130081
    Latitude
    44.327532

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    FAQs

    What type of property is this?
    Apartment building - Stately building with five residential units in excellent condition.
    Where is this apartment building located?
    The property is located at 115 Main Street Saranac Lake, NY.
    What is the asking price?
    The asking price for this property is $760,000.
    What are key features of this property?
    This property features: Historic Colonial Revival home built in 1892; remodeled in 1907 by Scopes and Feustmann; Converted to multifamily in the late 1950s and currently houses 5 residential units; Wood siding exterior with asphalt roof
    (518) 354-0542
    We can help!
    Listing Contact
    Kristina Clifford
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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.

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