| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Best |
| Demographics | 39th | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 14 Kiwassa Rd, Saranac Lake, NY, 12983, US |
| Region / Metro | Saranac Lake |
| Year of Construction | 1973 |
| Units | 82 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
14 Kiwassa Rd Saranac Lake Value-Add Multifamily
Positioned in a rural submarket where ownership costs run high relative to incomes, the asset can serve durable renter demand as household growth and renter concentration trend upward in the surrounding area, according to CRE market data from WDSuite.
Location fundamentals and renter demand
Saranac Lake’s neighborhood setting is rural with limited retail and daily-needs density, reflected by sparse cafe, grocery, and pharmacy counts. Park access is comparatively better than many rural peers, and the area’s character supports quiet living that appeals to workforce renters seeking value relative to larger metros.
Within the Malone, NY metro, the neighborhood’s renter concentration is competitive (ranked 8 out of 35 metro neighborhoods), indicating a meaningful base of renter-occupied housing units that can support leasing velocity. By contrast, amenity access sits around the metro median (18 of 35), underscoring the need for on-site features and professional management to bolster retention.
Demographic statistics aggregated within a 3-mile radius show recent population softening but a forward-looking uptick in households and a rising share of renter-occupied units by 2028. That combination points to a larger tenant base and supports occupancy stability for well-managed assets, even as household sizes fluctuate.
Ownership remains a high-cost proposition in this metro: the neighborhood posts the highest value-to-income ratio among 35 metro neighborhoods and sits in the upper tier nationally. This context typically sustains reliance on multifamily rentals, while rent-to-income levels in the area suggest manageable affordability pressure that can aid lease retention and reduce turnover risk.
Vintage and asset positioning
Constructed in 1973, the property is newer than the neighborhood’s early-20th-century average stock. Investors should underwrite near- to medium-term capital plans for building systems and common areas; selective renovations can sharpen competitive positioning versus older local inventory and capture value-add upside.
Safety context
Neighborhood-level crime metrics are not available in WDSuite for this location. Investors typically benchmark safety using county and metro statistics, property-level incident history, and management practices rather than block-level claims. Comparing multi-year regional trends can help gauge whether safety perceptions are improving or stable relative to nearby neighborhoods.
Investment thesis
This 82-unit, 1973-vintage asset offers a value-add path in a rural submarket where ownership costs are elevated relative to incomes and renter reliance on multifamily is pronounced. Based on CRE market data from WDSuite, the immediate neighborhood ranks at the top of the metro for ownership cost-to-income, while the 3-mile area is projected to see growth in households and a higher share of renter-occupied units by 2028 — dynamics that can support tenant base depth and leasing durability.
Amenity density is modest and the market skews older in housing stock, positioning well-executed renovations and professional operations to differentiate on quality and retention. Underwriting should account for capital improvements tied to 1970s construction, along with measured lease-up expectations consistent with a rural location and regional employment drivers.
- Elevated ownership costs in the metro reinforce steady renter reliance on multifamily, supporting demand.
- 3-mile outlook indicates household growth and rising renter share, expanding the prospective tenant base.
- 1973 vintage enables targeted renovations for value-add and competitive positioning versus older stock.
- Risks: rural location and limited amenities can moderate lease-up and require disciplined management and marketing.