9 River Street

$1,200,000

0.27 acres

Situated directly across from Lake Flower and Riverside Park, this 9-unit multifamily delivers immediate cash flow with significant upside. Current gross income is $11,920/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.

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Listing courtesy of Tina Leonard Real Estate, LLC

Property Information

Price:: $1,200,000
MLS Number:: #207101
Area:: Saranac Lake
Postal Code:: 12983
County:: Franklin
Approx. Acreage:: 0.27
Zoning:: Commercial
School District:: Saranac Lake
Tax Map:: 447.77-8-16
Total Taxes:: $11,865
Year Built:: 1880
Heating:: Baseboard, Oil, Propane
Cooling:: None
Electrical:: 200+ Amp Service

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