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Saranac Lake See all listings
9 River Street, Saranac Lake, NY 12983
$1,200,000
MLS# 207102
0.27 acres
6,811 sq. ft
Listing Courtesy of: Tina Leonard Real Estate, LLC
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Overview
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.
Details & Amenities
Listing Details
- MLS #: 207102
- Status: Active
- Date Listed: 05-02-2026
- Sq. Ft: 6,811
- Acreage: 0.27
- Seasonal Property: No
- Listing Agent: Chase Jermano
- Listing Courtesy of: Tina Leonard Real Estate, LLC
Interior Features
- Heating Type: Baseboard, Oil, Propane
- Air-conditioning Type: None
Exterior & Lot Features
- County: Franklin
- Town: Saranac Lake
- Township: Saranac Lake
- School District: Saranac Lake
- Views: Downtown, Mountain(s), Neighborhood, Park/Greenbelt, Trees/Woods
- Lot Size Area: 0.27
- Road Type: Paved
- Sewer: Public Sewer
- Body of Water : Lake Flower
- Zoning Description: Commercial
Building & Construction
- Tax Map #: 447.77-8-16
- Annual Taxes: $11,865
- Year Built: 1880
- Parking Features: Unpaved
- Exterior Siding: Brick, Vinyl Siding
- Roof Type: Asphalt, Metal
- Electric AMP: 200+ Amp Service
- Water Source: Public
- Features: Apartments, Commercial/Residential
