107 Lake Ave Saratoga Springs, NY 12866

Property Details for 107 Lake Ave

Lot size

0.51 lot acres

Property size

7,085 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 7-unit apartment building situated on a 0.51-acre lot at 107-109 Lake Avenue in Saratoga Springs, New York. The property comprises two buildings, constructed in 1887 and 1920, offering a blend of historic charm and updated features across its 7,000 square feet of net rentable space. The property boasts 12 parking spaces and benefits from UR3 zoning, presenting potential for expansion or redevelopment. Located just four blocks from Broadway, this prime location offers convenient access to Saratoga Springs' vibrant downtown area. The asking price is $2,600,000, translating to $371,429 per unit and $366.97 per square foot. The property includes two tax parcels (107 Lake (165.52-3-19) and 109 Lake (166.53-1-1)) and features rear access via Swanner Lane. Multiple development options exist, including conversion to a single-family residence, expansion of garages into carriage houses, or utilizing the updated owner's unit while renting the remaining units. This property offers a unique blend of historical character and modern potential in a highly desirable location. The total square footage is 7,085 square feet, spread across two two-story buildings. This is a rare opportunity to acquire a well-located multifamily property with significant upside potential in the thriving Saratoga Springs market.