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$ 2,495,000
Est. payment | /mo
4,562 SqFt
$ 2,495,000
Est. payment | /mo
4,562 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,562 sqft
Price per Sqft $546
MLS Listing ID 208498
Year Built 1940
Annual Tax Amount $14,058
Lot Size 7.090 Acres
Acres 7.09
Property Sub-Type Multi Family
Source Adirondack-Champlain Valley MLS
Property Description
Set along the gateway corridor between Lake Placid and Whiteface, this Village of Lake Placid property offers one of the rarest combinations of proven income, prime visibility, and development potential in the Adirondack Park. The parcel, which has 4.77 acres in the Village of Lake Placid and 2.32 in the town of North Elba, sits at the gateway to Main Street, with year-round access to the High Peaks, Whiteface Mountain, and the lakes that draw visitors in every season. Its river frontage and adjacency to Power Pond Park further enhance its value, connecting directly to extensive recreational trail systems while remaining within walking distance of the village center.
The property is anchored by three short-term rental units that have generated consistent returns for decades: a five-bedroom residence, a two-unit duplex, and a one-bedroom cottage. This established cash flow provides stability for an investor while laying the foundation for a more ambitious project.
The development potential is where this property truly distinguishes itself. Classified Hamlet by the Adirondack Park Agency, a high-density, mixed-use zoning distinction, it is ideally suited for multi-family housing, a boutique commercial venture, or a larger Planned Unit Development. Favorable local and state policies encourage precisely this type of investment in designated service centers, and the infrastructure--utilities, access, and cleared building areas--is already in place. Mountain vistas, river frontage, and adjacency to Power Pond Park add marketability and long-term value to any project envisioned here.
For developers and business leaders, this is a rare opportunity to secure a site with scale, flexibility, and immediate market presence in Lake Placid's most strategic growth corridor.
The property is anchored by three short-term rental units that have generated consistent returns for decades: a five-bedroom residence, a two-unit duplex, and a one-bedroom cottage. This established cash flow provides stability for an investor while laying the foundation for a more ambitious project.
The development potential is where this property truly distinguishes itself. Classified Hamlet by the Adirondack Park Agency, a high-density, mixed-use zoning distinction, it is ideally suited for multi-family housing, a boutique commercial venture, or a larger Planned Unit Development. Favorable local and state policies encourage precisely this type of investment in designated service centers, and the infrastructure--utilities, access, and cleared building areas--is already in place. Mountain vistas, river frontage, and adjacency to Power Pond Park add marketability and long-term value to any project envisioned here.
For developers and business leaders, this is a rare opportunity to secure a site with scale, flexibility, and immediate market presence in Lake Placid's most strategic growth corridor.
Location
State NY
County Essex
Direction From Lake Placid, head southeast on NY-86 E/Wilmington Road. In 0.2 miles, turn right onto Alpine Way. Property will be at the end of the road.
Body of Water Chubb River
Interior
Heating Baseboard, Electric
Exterior
Waterfront Description River Front
View Meadow, Mountain(s), Trees/Woods
Building
Sewer Public Sewer
Water Public
Others
Senior Community No
Listed by Matthew Preston Smith • Landvest, Inc.
Nearby Locations
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