9 River Street

Saranac Lake, NY 12983

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.

Listing courtesy of Chase Jermano of Tina Leonard Real Estate, LLC



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Last checked: 2026-05-11 01:43 PM UTC