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    9 River St Saranac Lake, NY 12983
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    9 River St Saranac Lake, NY 12983

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    • Commercial real estate
    • 6,811 SF
    • 0.27 lot acres
    For Sale
    $1,200,000
    View Listing →
    Multifamily Investment Opportunity Near Lake Flower For Sale
    $1,200,000
    6,811 SF

    Multifamily Investment Opportunity Near Lake Flower

    Nine-unit multifamily property with immediate cash flow and upside potential.

    9 River Street, Saranac Lake, NY 12983
    View Listing
    Property ID
    US63-5988426
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 9 River St

    Year built
    1900
    Lot size
    0.27 lot acres
    Property size
    6,811 SF
    Property type
    Commercial real estate

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Saranac Lake
    County
    Franklin
    State
    New York
    Longitude
    -74.131331131182
    Latitude
    44.324931621141

    Comparable in this City

    • $1,275,000
      Pending

      Saranac Lake Mixed-Use Building

      Four-level commercial building with renovation potential in prime location.
      86 Main St, Saranac Lake, NY 12983
      View Details
    • $500,000
      4,680 SF

      Saranac Lake Mixed-Use Investment

      Downtown Saranac Lake mixed-use property with retail and apartments.
      27 Woodruff St, Saranac Lake, NY 12983
      View Details
    • $1,200,000
      6,811 SF

      Multifamily Investment Opportunity Near Lake Flower

      Nine-unit multifamily property with immediate cash flow and upside potential.
      9 River St, Saranac Lake, NY 12983
      View Details
    • New
      $349,900
      2,730 SF

      Saranac Lake Income-Producing Triplex

      Well-maintained triplex in Saranac Lake with strong rental income.
      39 Shepard Ave, Saranac Lake, NY 12983
      View Details
    • $459,900
      3,687 SF

      Saranac Lake Multi-Unit Investment

      Two buildings, four units, generating income with upside potential.
      223+225 Neil St, Saranac Lake, NY 12983
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    • $389,000
      3,060 SF

      Renovated Triplex in Saranac Lake

      Well-maintained, renovated triplex generating income, close to downtown Saranac Lake.
      137 Charles St, Saranac Lake, NY 12983
      View Details

    Similar Nearby for Sale

    • $1,275,000
      Pending

      Saranac Lake Mixed-Use Building

      Four-level commercial building with renovation potential in prime location.
      86 Main St, Saranac Lake, NY 12983
      View Details
    • $500,000
      4,680 SF

      Saranac Lake Mixed-Use Investment

      Downtown Saranac Lake mixed-use property with retail and apartments.
      27 Woodruff St, Saranac Lake, NY 12983
      View Details
    • $1,200,000
      6,811 SF

      Multifamily Investment Opportunity Near Lake Flower

      Nine-unit multifamily property with immediate cash flow and upside potential.
      9 River St, Saranac Lake, NY 12983
      View Details
    • New
      $349,900
      2,730 SF

      Saranac Lake Income-Producing Triplex

      Well-maintained triplex in Saranac Lake with strong rental income.
      39 Shepard Ave, Saranac Lake, NY 12983
      View Details
    • $459,900
      3,687 SF

      Saranac Lake Multi-Unit Investment

      Two buildings, four units, generating income with upside potential.
      223+225 Neil St, Saranac Lake, NY 12983
      View Details
    • $389,000
      3,060 SF

      Renovated Triplex in Saranac Lake

      Well-maintained, renovated triplex generating income, close to downtown Saranac Lake.
      137 Charles St, Saranac Lake, NY 12983
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Saranac Lake Drive-Thru Restaurant Space

      Freestanding 1,500 SF drive-thru space for lease.
      622 Lake Flower Ave, Saranac Lake, NY 12983
      View Details
    • Contact for pricing

      Saranac Lake Drive-Thru Restaurant Space

      Freestanding 1,500 SF drive-thru space in Saranac Lake, NY.
      622 Lake Flower Ave, Saranac Lake, NY 12983
      View Details
    • Contact for pricing
      1,500 SF

      Freestanding QSR Drive-Thru Space

      1,500 SF drive-thru space for lease in Saranac Lake.
      600 Lake Flower Ave, Saranac Lake, NY 12983
      View Details
    • Contact for pricing
      9,088 SF

      Retail Space Co-tenanted with Aubuchon

      Prime retail space available for rent, co-tenanted with Aubuchon Hardware.
      274 Broadway, Saranac Lake, NY 12983
      View Details
    View Listing
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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.

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