72 Union Avenue, NY 12866

Property Description

Rare opportunity to acquire one of Saratoga Springs' most iconic investment properties with significant value-add potential. In addition to generating strong income from 15 fully occupied apartments, the property may offer condominium conversion potential as well as the opportunity, with town approvals, to develop an additional luxury condo/townhome building of approximately 4,000-6,000 square feet per floor. Pro forma financial information is available upon request for qualified buyers. This stunning Old World brick Victorian mansion has been thoughtfully transformed into 15 exceptional apartments while preserving the timeless character and architectural beauty that make it truly unforgettable. Just 1 block from the Saratoga Race Course and 3 blocks from downtown, this property is a private oasis. A sprawling wraparound porch welcomes visitors. Meandering pathways wind through enchanting perennial gardens, private sitting areas, and a picturesque koi pond frequented by ducks. Residents enjoy raised garden beds for vegetables, herbs, and flowers, creating a rare sense of community and tranquility. Outdoor amenities include patios with pergolas, a rooftop deck, and a charming carriage house. The apartments are every bit as impressive as the grounds. Each residence offers unique charm and character blended with tasteful updates. Spacious floor plans, classic architectural details, and pride of ownership are evident throughout. All 15 units are occupied by long-term tenants in excellent standing, providing stable income from day one. With 35+ off-street parking spaces, residents enjoy a convenience rarely found downtown, while world-class dining, shopping, entertainment, and recreation remain just steps away. Offering a rare combination of historic elegance, exceptional income, an irreplaceable location, and extraordinary future development potential, this is more than an investment property--it's one of Saratoga Springs' most remarkable real estate offerings.