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223+225 Neil Street, Saranac Lake, NY 12983

$459,900
Property Type: Residential Income Square Footage: 3,687 Lot Size (sq. ft.): 7,841 Status: Active
Current Price: $459,900 List Date: 2/21/2026 Last Modified: 3/24/2026

Description

Rare multi-unit investment opportunity featuring two separate buildings on one property. The first building is a standalone single-family style home offering 3 bedrooms and 1.5 baths, providing flexible rental options or potential owner-occupant use. The second building consists of 3 units: 3/1, 2/1 and 1/1 (basement) The property currently generates $4,300/month in rental income, with clear upside potential as rents are below current market value. Separate layouts allow for diversified tenant mix and strong long-term cash flow potential. Ideal for investors seeking immediate income with room to increase returns over time. Fully rented with long term tenants Perfect setup for owner occupied main building and rental building to supplement mortgage.

More Information MLS# 206606

Contract Information

Short Term Rental Options: Unknown Current Price: $459,900 Original List Price: 459900 List Price: $459,900 Status: Active Listing Contract Date: 2026-02-21 Property Sub Type: Quadruplex Listing Agreement: Exclusive Right To Sell

Location, Tax, and Legal

Tax Annual Amount: 8227.8 Tax Assessed Value: 174500 Land Tax Annual Amount: 0 Deed Date: 2005-05-18

General Property Information

Number Of Buildings: 2 Number of Units: 4 Building Area Total: 3687 Year Built: 1920 Open Parking YN: 1 Open Parking Spaces: 6 Parking Total: 6 Lot Size Acres: 0.18

Status Change Information

Status Change Timestamp: 2026-02-21 Major Change Timestamp: 2026-02-21T05:36:15Z Major Change Type: New Listing

Appliances

Free-Standing Electric Oven: 1 Free-Standing Electric Range: 1

Architectural Style

A-Frame: 1

Basement

Apartment: 1 Finished: 1

Construction Materials

Frame: 1

Documents Available

Lead Paint: 1 Property Condition: 1

Electric

100 Amp Service: 1 200+ Amp Service: 1

Exterior Features

Balcony: 1 Private Entrance: 1

Financial Details

School Taxes: 1964.07 School Taxes Description: Actual Village Taxes: 5049.81 Village Taxes Description: Actual

Foundation Details

Stone: 1

Heating

Baseboard: 1 Hot Water: 1 Oil: 1

Interior Features

Apartment: 1

Laundry Features

Electric Dryer Hookup: 1 Laundry Closet: 1 Washer Hookup: 1

Other Equipment

Fuel Tank(s): 1

Parking Features

Off Street: 1 Open: 1

Patio And Porch Features

Deck: 1 Rear Porch: 1

Roof

Metal: 1

Sewer

Public Sewer: 1

Structure Type

Multi Family: 1 Quadruplex: 1

Water Source

Public: 1

Tenant Pays

Electricity: 1

Unit One

Unit #: 1 Actual Rent: 1500 Bathrooms Full: 1 Bathrooms Half: 1 Beds Total: 3 Leased: Yes Range: 1 Refrigerator: 1 Total SqFt: 1700

Unit Two

Unit #: 2 Actual Rent: 1200 Bathrooms Full: 1 Beds Total: 3 Leased: Yes Range: 1 Refrigerator: 1 Total SqFt: 774

Unit Three

Unit #: 3 Actual Rent: 950 Bathrooms Full: 1 Beds Total: 2 Leased: Yes Range: 1 Refrigerator: 1 Total SqFt: 741

Unit Four

Unit #: 4 Actual Rent: 650 Bathrooms Full: 1 Beds Total: 1 Leased: Yes Range: 1 Refrigerator: 1 Total SqFt: 472

Showing Requirements

Appointment Only: 1 Call Listing Agent: 1 Email Listing Agent: 1 Occupied: 1

Location Tax and Legal

Street Number: 223+225 Street Name: Neil Street Suffix: Street County: Franklin State: NY Postal Code: 12983 MLS Area Major: Saranac Lake, Raybrook School District: Saranac Lake Parcel Number: 446.76-6-9 Zoning: Mixed

Meter Information

Number Of Separate Electric Meters: 4

Unit Details

Number Of Units Leased: 4

Property Features

Appliances: Free-Standing Electric Oven; Free-Standing Electric Range Architectural Style: A-Frame Basement: Apartment; Finished Construction Materials: Frame Documents Available: Lead Paint; Property Condition Electric: 100 Amp Service; 200+ Amp Service Exterior Features: Balcony; Private Entrance Foundation Details: Stone Heating: Baseboard; Hot Water; Oil Interior Features: Apartment Laundry Features: Electric Dryer Hookup; Laundry Closet; Washer Hookup Other Equipment: Fuel Tank(s) Parking Features: Off Street; Open Patio And Porch Features: Deck; Rear Porch Roof: Metal Sewer: Public Sewer Structure Type: Multi Family; Quadruplex Tenant Pays: Electricity Water Source: Public Unit One: Range; Refrigerator Unit Two: Range; Refrigerator Unit Three: Range; Refrigerator Unit Four: Range; Refrigerator Showing Requirements: Appointment Only; Call Listing Agent; Email Listing Agent; Occupied

Documents

Listing Courtesy of Mason Realty Team
IDX
Information deemed reliable but not guaranteed.