| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Best |
| Demographics | 39th | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 240 George Lapan Memorial Hwy, Saranac Lake, NY, 12983, US |
| Region / Metro | Saranac Lake |
| Year of Construction | 1972 |
| Units | 40 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
240 George Lapan Memorial Hwy: Value-Add Multifamily
Investor outlook centers on stable renter demand supported by a high-cost ownership landscape and a growing household count within 3 miles; according to WDSuite’s CRE market data, these dynamics can support pricing power with attentive lease management.
Saranac Lake’s rural setting offers everyday essentials with limited density of cafes, groceries, and pharmacies, while park access ranks competitively for the metro (top quartile among 35 neighborhoods). Taken together, the area suits residents prioritizing outdoor amenities and small-town living, with fewer urban conveniences.
Compared with the Malone, NY metro, this neighborhood rates above the metro median overall (ranked 16 of 35). Home values in the neighborhood sit in line with national midrange comparisons, but the value-to-income ratio ranks strongest in the metro and is high versus national peers, indicating a high-cost ownership market that tends to reinforce reliance on multifamily rentals.
The housing stock skews older across the neighborhood, while this property’s 1972 vintage is newer than much of the local inventory. For investors, that typically means relatively competitive positioning versus older stock, while planning for aging systems and selective modernization can unlock value-add potential.
Tenure patterns vary by lens: at the neighborhood level, the share of housing units that are renter-occupied is below half, implying a thinner immediate renter base. However, demographic statistics aggregated within a 3-mile radius point to renters representing just over half of occupied units today and trending higher, which supports a deeper tenant pool for multifamily assets over time. Forecasts within 3 miles show household growth alongside smaller household sizes, which can expand the renter pool and support occupancy stability.
Rents in the immediate neighborhood remain comparatively accessible while rent-to-income metrics are moderate nationally, suggesting room for disciplined rent management. According to CRE market data from WDSuite, neighborhood occupancy runs modest, so active leasing and resident retention strategies are important to sustain performance.
Comparable safety benchmarking for this neighborhood is not available in the current dataset. Investors typically contextualize risk by reviewing multi-year trends at the village and county levels and comparing them with nearby Malone, NY metro neighborhoods to understand relative standing.
Practical underwriting steps include verifying recent public safety reports, speaking with local property managers, and observing daypart activity. This approach offers a balanced view without relying on block-level claims.
Built in 1972 with 40 units, the property is newer than much of the surrounding housing stock, offering a practical platform for value-add improvements and targeted system upgrades. Within a 3-mile radius, forecasts point to rising household counts and smaller household sizes, which typically broaden the renter pool and support leasing velocity. Based on CRE market data from WDSuite, the neighborhood exhibits a high value-to-income dynamic relative to the metro and nationally, indicating a high-cost ownership environment that can sustain multifamily demand.
Operating strategy should emphasize tenant retention and steady lease execution given modest neighborhood occupancy. The rural amenity base is lighter, but outdoor access and a balanced rent-to-income profile suggest potential for consistent absorption when units are positioned to local demand.
- 1972 vintage is newer than much of the neighborhood, enabling value-add through selective modernization.
- High-cost ownership market relative to incomes supports sustained renter reliance on multifamily housing.
- Within 3 miles, household growth and smaller household sizes expand the tenant base and support occupancy stability.
- Disciplined rent management is supported by a moderate rent-to-income profile and accessible neighborhood rents.
- Risks: modest neighborhood occupancy and lighter amenity density require active leasing and hands-on management.