Irving Lanes | 9 River St
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Irving Lanes 9 River St
9 Unit Apartment Building $1,169,413 CAD ($129,935 CAD/Unit) 10.39% Cap Rate Harrietstown, NY 12983
Executive Summary
Irving Lanes is a well-positioned 9-unit residential asset offering an outstanding 10.4% cap rate in the beautiful Saranac Lake area. This property holds significant potential for appreciation due to its prime location and can further increase in value through stabilization and a focus on furnished rentals. The demand for short-and mid-term rentals is high, particularly among professionals like travel nurses, given its proximity to one of the largest hospitals in the area, just minutes away.
Saranac Lake’s status as a four-season resort town drives consistent rental demand, offering an affordable yet high-quality alternative to neighboring Lake Placid. This makes Irving Lanes an attractive investment for those looking to capitalize on both the growing local economy and the year-round influx of renters seeking convenient, quality and affordable housing options.
Listing courtesy of Stacy Faunce, Licensed Real Estate Agent in New York, shared for promotional purposes with permission.
Saranac Lake’s status as a four-season resort town drives consistent rental demand, offering an affordable yet high-quality alternative to neighboring Lake Placid. This makes Irving Lanes an attractive investment for those looking to capitalize on both the growing local economy and the year-round influx of renters seeking convenient, quality and affordable housing options.
Listing courtesy of Stacy Faunce, Licensed Real Estate Agent in New York, shared for promotional purposes with permission.
Data Room Click Here to Access
Financial Summary (Actual - 2024) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,169,413 CAD | Apartment Style | Low Rise |
| Price Per Unit | $129,935 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 10.39% | Building Size | 6,811 SF |
| Gross Rent Multiplier | 6.5 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1880 |
| Property Subtype | Apartment |
| Price | $1,169,413 CAD |
| Price Per Unit | $129,935 CAD |
| Sale Type | Investment |
| Cap Rate | 10.39% |
| Gross Rent Multiplier | 6.5 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 6,811 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1880 |
Unit Amenities
- Balcony
- Eat-in Kitchen
- Kitchen
- Views
- Deck
- Dining Room
Site Amenities
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Waterfront
- Furnished Units Available
- Smoke Free
- Lake Access
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
| 2+1.5 | 1 | - | - |
| 2+1 | 1 | - | - |
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Walk Score ®
Very Walkable (84)
PROPERTY TAXES
| Parcel Number | 164601-447-077-0008-016-000-0000 | Total Assessment | $524,464 CAD (2023) |
| Land Assessment | $24,947 CAD (2023) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $499,516 CAD (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
164601-447-077-0008-016-000-0000
Land Assessment
$24,947 CAD (2023)
Improvements Assessment
$499,516 CAD (2023)
Total Assessment
$524,464 CAD (2023)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024
zoning
| Zoning Code | 05 |
| 05 |
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Irving Lanes | 9 River St
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