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    Commercial real estate

    9 River St, Saranac Lake, NY 12983

    6,811 SF 0.27 ac lot Built 1900
    Property ID
    US63-5988426
    9 River St, Saranac Lake, NY 12983 For Sale 1 / 48
    $1,200,000 6,811 SF
    9 River St, Saranac Lake, NY 12983
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    Property summary
    AI-generated overview

    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.

    Property profile
    Verified
    Property type Commercial real estate
    Year built 1900
    Total area 6,811 SF
    Lot 0.27 ac (11,761 SF)
    UPID US63-5988426
    Cap rate & NOI
    Priority signal for investors
    Implied cap rate, NOI & suggested price
    Cap rate vs submarket · NOI estimate · 3 price anchors
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Value estimations
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