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9 River St 30 Unit Apartment Building $1,629,600 CAD ($54,320 CAD/Unit) 9.14% Cap Rate Saranac Lake, NY 12983
Investment Highlights
- Across from Riverside Park and Lake Flower
- Centrally Located in Saranac Lake
- High Ceilings
Executive Summary
Situated directly across from Lake Flower and Riverside Park, this 9-unit multifamily delivers immediate cash flow with significant upside. Current gross income is $11,550/month with rents running below market. The next owner inherits a stabilized asset and a clear path to forced appreciation. Unit 1 was recently renovated, establishing a proven value-add template for the portfolio. Units 5 and 7 offer private shared balcony access with stunning lake and mountain views. Unit 7, the owner's suite, features 3 beds, 2 baths, a Jacuzzi tub, skylights, wood stove fireplace, custom kitchen, and in-unit laundry. Most tenants cover their own utilities, keeping operating expenses lean and boosting net returns. Coin-operated basement laundry generates additional ancillary income. An on-site property manager resides in the building at reduced rent. Extensive foundation work was completed by the prior owner, reducing near-term capital risk. Riverside Park steps from the front door hosts free live music and a weekly farmers market during the warmer months adding genuine lifestyle value that supports tenant retention and attracts quality renters. Four-season tourism demand, protected land supply, a tight rental market, and a high cap rate make this a compelling long-term hold.
Property Facts
| Price | $1,629,600 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $54,320 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.27 AC |
| Cap Rate | 9.14% | Building Size | 6,811 SF |
| No. Units | 30 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1880 |
| Zoning | 05 | ||
| Price | $1,629,600 CAD |
| Price Per Unit | $54,320 CAD |
| Sale Type | Investment |
| Cap Rate | 9.14% |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 6,811 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1880 |
| Zoning | 05 |
Amenities
Unit Amenities
- Balcony
- Eat-in Kitchen
- Kitchen
- Views
- Deck
- Dining Room
Site Amenities
- Laundry Facilities
- Property Manager on Site
- Furnished Units Available
- Smoke Free
- Lake Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 1 |
| 1+1 | 5 | - | 1 |
| 2+1 | 1 | - | 1 |
| 3+1.5 | 7 | - | 1 |
| 1+1 | 2 | - | 1 |
| 1+1 | 3 | - | 1 |
| 1+1 | 4 | - | 1 |
| 1+1 | 1 | - | 1 |
| 1+1 | 6 | - | 1 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 164601-447-077-0008-016-000-0000 | Improvements Assessment | $478,559 CAD |
| Land Assessment | $23,901 CAD | Total Assessment | $502,460 CAD |
Property Taxes
Parcel Number
164601-447-077-0008-016-000-0000
Land Assessment
$23,901 CAD
Improvements Assessment
$478,559 CAD
Total Assessment
$502,460 CAD
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Presented by
Tina Leonard Real Estate, LLC
9 River St
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