Taking the leap into commercial real estate can feel like a big step to some investors. However, when buying in a location like Lake Placid, NY and with guidance from experienced real estate professionals, it is easier to buy with confidence. At Adirondack Premier Properties, we have helped many investors through the process of buying commercial real estate in Lake Placid, and celebrated their successes. Read on for our take on why investing in commercial property in Lake Placid could be the right move for you.
6 Reasons To Invest – Buying Commercial Real Estate in Lake Placid
1. Ease of Management
Commercial property investments are often easier to manage than residential rental buildings, for the following reasons:
- Commercial tenants tend to stay in spaces for a longer period of time, since it’s disruptive to move a business. Less turnover means easier management for you.
- Business owners typically take good care of a property because it’s in the best interest of their business.
- Many commercial leases are negotiated as a “Triple Net” lease, which means the tenant pays the property taxes, insurance and maintenance expenses.
- Commercial tenants tend to use more space than residential renters. Fewer tenants means less responsibility for the building owner.
2. Good Investment History and Versatility
Commercial real estate in Lake Placid has always been a good investment. Currently on the market are several opportunities for buying commercial real estate in Lake Placid. Based on recent trends, these offer not only excellent income, but also strong appreciation going forward. Several currently available listings offer opportunities to create a new business, while others allow you to opt in to purchase an existing business.
Versatility in commercial spaces is also a characteristic of the Lake Placid market. Square footage of current and recently listed properties varies from 3,000 square feet to 15, 000 square feet, so there’s a wide range available for your business needs. Diversity in types of properties ranges from something suitable for a bed and breakfast or a restaurant, to a larger space suitable for a warehouse.
3. Sought After Locale and Lifestyle
One of the unique components of buying commercial real estate in Lake Placid is the opportunity for an owner to live and work in an idyllic setting. People from all over the U.S. and the world are drawn to the village year round. In the town of Lake Placid, restaurants, retail shops, and short-term vacation rentals all benefit from steady foot traffic—both local and visitor, domestic and international.
A wide variety of outdoor, cultural and community activities draw people to Lake Placid. Winter sports abound, with skiing, skating, hockey, cross country readily available for all skill levels from beginner to Olympic athletes or hopefuls. Summer activities include golf, hiking, swimming, and boating in and around the village. Fine dining and shopping are also popular past-times on Main Street and beyond. While these activities contribute to a satisfying lifestyle, they are also possible business opportunities.
4. Community Investment
New York State and the Olympic Regional Development Authority (ORDA) have invested millions in revitalizing Lake Placid, enhancing infrastructure and boosting tourism. In the past three years, the Olympic Oval and the famous “1980 Rink” have been upgraded with new ice making equipment as well as updates to other facility spaces. The Mount Van Hoevenberg Bobsled track and the Lake Placid Ski Jumps have new refrigeration as well as two entirely new buildings.
Continued investment in the community and Olympic legacy helps Lake Placid draw sophisticated, and in many cases, international visitors. Many world class events are hosted in Olympic facilities throughout the year, including World Cup competitions. Thousands of athletes and spectators come to Lake Placid during event weeks to stay, watch and compete, and many local businesses benefit.
5. High Profile Events and Tourism Promotion
Annually, Lake Placid hosts two weeks of horse shows, two of the nation’s most prominent equestrian events. World-class riders and horses vie for more than $550,000 in prize money and awards in championship Hunter and Jumper competitions. The event draws an average 170,000 visitors a year. Elite Equestrian Magazine calls the Lake Placid Horse Shows “one of the premier stops on the nation’s horse show circuit.”
Another popular annual event in the village is the annual Ironman Lake Placid. This iconic Ironman race is considered to be one of the more challenging Ironman events, but also one of the most scenic. It draws around 3,000 participants per year.
The Regional Office of Sustainability and Tourism (ROOST) works diligently to promote all activities in the Lake Placid area, with a marketing budget of close to $900,000. They ensure that all events are widely publicized, and maintain websites for all of the larger events in town. When buying commercial real estate in Lake Placid, you can have confidence that local events will be marketed effectively to continue drawing traffic into town throughout the year.
6. Idyllic Mountain Village
Lake Placid with its majestic mountain backdrop and serene lake views often looks like a scene out of a painting or a magical snow globe. The jawdropping scenery and festivities in the village change with the seasons. Holidays in particular are special in Lake Placid. From fireworks over Mirror Lake on the 4th of July to sparkling holiday lights in December, there is always something spectacular to see.
Winter time is especially magical in Lake Placid. Locals and visitors alike enjoy strolling Main Street, with downtown sights and sounds often being compared to a Hallmark Christmas movie. In fact, “A Jar Full of Christmas” was recently filmed here. Popular winter activities include ice skating on the frozen lake followed by hot chocolate, or a day of cross country or downhill skiing.
For those looking to explore further outside of Lake Placid, the new Adirondack Rail Trail provides a 34-mile track to Tupper Lake perfect for biking or snowmobiling. Many trailheads and put-ins are also a short drive from village center. All of these amenities point to the fact that Lake Placid is a great place to live and do business. Invest in Lake Placid, and you’ll be happy you did!
If you are interested in exploring your options for buying commercial real estate in Lake Placid, start your journey by connecting with an experienced Berkshire Hathaway HomeServices forever agent from Adirondack Premier Properties. Contact us today to request a showing, discuss your investment goals or find out more about available and upcoming listings. Call 518-523-3333 now to get started!