Remarks

Irving Lanes is a rare investment opportunity offering a strong 10.4% cap rate in the desirable Saranac Lake market. This 9-unit property, located downtown with lake-facing views, offers strong tenant appeal and long-term appreciation potential. It's a low-maintenance asset ideal for investors seeking high returns.
The property has undergone key updates, including a new roof in 2020, updated units, newer boilers, and on-demand water heaters, all reducing future maintenance costs. Saranac Lake benefits from overflow demand from nearby Lake Placid, a renowned Winter Olympics venue, making it attractive for both long-term tenants and short-term visitors. A thriving Airbnb unit, with just three days of vacancy in the past year, highlights its income potential.
With agreements in place for long-term tenants to assist in managing the property, it's an ideal choice for remote investors. Proximity to a major hospital boosts demand from professionals like travel nurses, enhancing opportunities for furnished rentals. Irving Lanes is a prime value-add opportunity in a market poised for growth, offering increasing rental demand, forced appreciation, and a lakeside downtown location.

Details

MLS#: S1573353
Price: $825,000

Style: Commercial
Bedrooms: 9
Sq Ft: 6811
Year Built: 1880

County: Franklin
Tax Fee: 11629

School District: Saranac Lake