Green Springs Companies Sells Multifamily Property in Saratoga Springs for $1.7 Million

SARATOGA SPRINGS — 17-21 Granite Street, a six-unit multifamily property spanning three historic buildings just blocks from downtown Broadway and Skidmore College, has sold for $1.7 million, with Green Springs Companies representing the seller.

The property totals 5,392 square feet on a 0.28-acre lot and dates to 1880, with 12 bedrooms and six bathrooms spread across the three buildings — including a fully furnished single-family house at 19 Granite Street that commands premium rents.

The buildings were fully occupied at the time of sale, with the location’s proximity to Skidmore College, downtown Broadway and the city’s hospitality and healthcare employers keeping tenant demand steady.

Green Springs Company fully renovated the property after acquiring it in 2020, updating the kitchens and bathrooms, installing new flooring and HVAC systems with central air, and recoating the roofs across all three buildings.

Brian Green, who represented Green Springs Company in the sale, said in a statement: “We see a strong demand for small-renovated multifamily, with many investors who want something turnkey.” Brian has seen a lot of success selling these small multifamily properties this summer.

Steady tourism, healthcare and education demand, along with sub-4% vacancy rates and 3% to 5% annual rent growth, have kept investor interest in Saratoga Springs strong.

The Green Springs Team will give some insight into the deal & how it performed in the monthly update in a few weeks, so stay tuned!