MLS#208429

317 Lake Flower Avenue

$649,000

0.5 acres

Here is a unique opportunity to own a four-unit apartment house with 143 feet of waterfront on beautiful Lake Flower in Saranac Lake. This distinctive Victorian-style property offers an unusual combination of multifamily income and private waterfront ownership, with the home positioned on a small hill overlooking the lake. The property features a two-bedroom apartment occupying the entire third floor and a two-bedroom apartment encompassing the entire second floor. The first floor includes two separate one-bedroom apartments, each with its own private entrance. All apartments offer front and rear entrances. The first floor also provides flexibility for future reconfiguration, with the potential to create three one-bedroom apartments or one expansive three-bedroom apartment, subject to approvals. Additional features include a newer roof, abundant storage throughout the basement, five parking spaces in front and five in the rear, and a dock on Lake Flower. With appropriate approvals, there may be potential for multiple docks and boat-slip rentals, creating an additional income opportunity. Heat is included in rent for all tenants. Tenants pay their own electric. House has been completely re-wired and there are separate panels for each apartment in the basement. Live in one apartment while the rental income from the others helps offset ownership expenses, or maximize the property's investment potential. Located less than a quarter-mile from the Adirondack Rail Trail and approximately a 10-minute walk to downtown Saranac Lake, the property is close to restaurants, shops, galleries, entertainment, and the new Pendragon Theatre. Enjoy easy access to boating, hiking, biking, paddling, skiing, snowmobiling, and the many four-season recreational opportunities that make Saranac Lake a thriving Adirondack destination.

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Listing courtesy of Coldwell Banker Whitbeck Assoc Tupper Lake

Property Information

Price:: $649,000
MLS Number:: #208429
Area:: Saranac Lake
Postal Code:: 12983
County:: Essex
Approx. Acreage:: 0.5
Zoning:: Mixed
School District:: Saranac Lake
Tax Map:: 32.230-1-12.000
Total Taxes:: $8,998
Style:: Old Style, Victorian
Year Built:: 1940
Stories:: 3
Heating:: Baseboard, Hot Water, Oil
Electrical:: 200+ Amp Service

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