For Sale: Motel in Saranac Lake, NY

For Sale: MOTEL IN SARANAC LAKE, NY
SaraPlacid Motor Inn
445 Lake Flower Ave. Saranac Lake, NY 12983

Excellent Investment Opportunity with Upside Potential

Recently renovated and improved hotel/rental property in the heart of it “all” in Saranac Lake, NY. Saranac Lake is a well known four season tourist destination in the Adirondack Mountains only 10 minutes from the home of the 1980 Olympic games, Lake Placid.

Property Features:
Built in 1959 but recently updated
Total of 12,787 SF
Total of 6.7 +/- AC
Zoned Commercial
17 rental units
Wood/Brick Exterior
Above ground tank, oil/hot water heat
Paved private parking lots
Municipal Water and sewer
Approx. 500’ of water frontage
Room Amenities: wall AC units, break room, kitchen, cable TV, etc.
Slab and basement
Mountain and lake views
200 AMP electrical
Township of North Elba

 

The Property:

This once motor-inn type motel has been recently updated and modernized so that a new owner need only manage the property as it is today. An older business with a “new business” story. Or if your desire is to continue to accentuate the property’s great upside potential, a new owner can increase the bottom line even more with some already well researched steps.

Currently the property consists of an 11-unit motel style building, a second motel style building with 7 units, plus a house with 3 bedrooms (sleeps 7).

The owner has recently upgraded the reservation and property management system to current technology improving the management, day-to-day operation, and profitability. The property is currently a hotel and VRBO hybrid. Reviews are excellent.

Price :
$1,599,000  
Property ID :
123  
Sale or Lease :
For Sale