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NY
Saranac Lake
12983
9 River St

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FOR SALE

Apartment buildings

9 River St Saranac Lake, NY 12983

6,811 SF 0.27 ac lot Built 1900

Property ID

US63-5988426

$1,200,000 6,811 SF

9 River St, Saranac Lake, NY 12983
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This exceptional 9-unit apartment building presents a compelling value-add investment opportunity in the vibrant Saranac Lake, NY market. Located at 9 River St, this two-story property, built in 1900 and extensively renovated between 2020 and 2024, offers 6,600 square feet of net rentable space on a 0.27-acre lot. The property boasts a current NOI of $85,753, translating to a 10.39% cap rate, with a pro-forma NOI projected at $104,472 and a pro-forma cap rate of 12.66%. Currently operating at 100% occupancy, the property features separately metered units, minimizing management overhead. Recent upgrades include a new roof (2020), updated units, newer boiler units, and on-demand water heaters, significantly reducing future maintenance costs. The prime downtown location offers lake-facing views, enhancing tenant appeal and long-term appreciation potential. The property's zoning is COM 1. The asking price is $825,000, representing a price per unit of $91,667 and a price per square foot of $121.13. Its proximity to a major hospital further strengthens rental demand, particularly from professionals such as travel nurses. One unit operates successfully as an Airbnb, demonstrating the potential for short-term rental income. This property is ideally suited for investors seeking strong returns and significant upside potential in a growing market. The building consists of one structure.