| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Best |
| Demographics | 39th | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 225 Lake St, Saranac Lake, NY, 12983, US |
| Region / Metro | Saranac Lake |
| Year of Construction | 1981 |
| Units | 32 |
| Transaction Date | 2003-12-08 |
| Transaction Price | $1,154,758 |
| Buyer | VOA ADIRONDACKS AFFORDABL E AHOUSING LLC |
| Seller | ADIRONDACK APARTMENTS SAR ANAC ASSOCIATES LIM |
225 Lake St, Saranac Lake Multifamily Opportunity
Renter demand around the property appears resilient with manageable rent-to-income levels in the neighborhood, according to WDSuite s commercial real estate analysis. A small-market setting supports stable tenancy dynamics, though performance depends on local employment and leasing execution.
Located in a rural pocket of Saranac Lake, the neighborhood carries a B rating and ranks above the metro median (16 of 35 Malone, NY neighborhoods), based on CRE market data from WDSuite. Amenity density is limited, which places more weight on on-site functionality, parking, and property management to drive leasing and retention.
Neighborhood occupancy is measured at the neighborhood level and has edged up in recent years, but it remains lower than most metro peers, signaling the need for disciplined leasing and competitive positioning. Within a 3-mile radius, renter-occupied housing is more prevalent than in the immediate neighborhood, expanding the practical tenant catchment for this property and supporting day-to-day leasing.
Median home values sit near national mid-range while the local value-to-income ratio tests in the top quartile nationally, indicating a comparatively high-cost ownership market relative to local incomes. For multifamily, that often sustains renter reliance on apartments and can aid lease retention when paired with prudent rent setting and resident services.
Demographic statistics aggregated within a 3-mile radius indicate recent population softness but a projected rebound alongside a meaningful increase in households, implying smaller household sizes and a potential renter pool expansion. Modest rent growth historically and a forecast for continued rent gains point to steady, management-driven NOI rather than outsized market growth, aligning with small-market multifamily underwriting.
Comparable, neighborhood-level safety data is limited for this area in WDSuite s datasets, so investors should rely on recent owner/manager incident logs and regional policing summaries for context. Given the small-market setting, framing safety at the neighborhood and township level not block-by-block provides a more reliable view for underwriting and insurance assumptions.
The local employment base is diversified across small healthcare, education, public sector, and services typical of Adirondack communities, which supports workforce housing demand and reasonable commute times. Specific nearby anchor employers with verifiable distances were not surfaced in WDSuite s dataset for this property.
Built in 1981, this 32-unit asset offers a more recent vintage than much of the surrounding housing stock, which can improve competitive positioning against older inventory while still leaving room for targeted system upgrades and common-area refreshes. Neighborhood occupancy has improved modestly and, according to CRE market data from WDSuite, broader renter prevalence within a 3-mile radius expands the tenant base beyond the immediate block, supporting day-to-day leasing.
Amenity density is limited in this rural location, so performance leans on functional units (average size around 626 sf), responsive management, and value-oriented pricing. Ownership costs benchmark high relative to incomes, which tends to reinforce renter demand; however, small-market dynamics and lower neighborhood occupancy require conservative assumptions on lease-up tempo and renewal capture.
- 1981 vintage versus older local stock supports competitive positioning with actionable value-add scope
- Renter concentration within a 3-mile radius broadens the tenant catchment and supports occupancy stability
- Ownership costs relative to incomes favor sustained reliance on rentals, aiding lease retention when priced prudently
- Forecast household growth suggests a larger renter pool over time, supporting steady, management-driven NOI
- Risk: lower neighborhood occupancy and limited amenities necessitate disciplined leasing, capex planning, and conservative underwriting