Remodeled Restaurant and
For Sale
$525,000
3040 W LAKE Road, Erie, PA 16505
COMMERCIAL - Erie, PA
Property Size5,906 SF
Lot Size0.44 Acres
Price / SF$88.89
Days on Market215
Property Features for 3040 W LAKE Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
RC-1
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4
Parking
30
Elementary school district
Millcreek
Middle school district
Millcreek
High school district
Millcreek
Directions
Between 6th and 8th Streets, just west of Peninsula
Subdivision
5 - Millcreek N of W26
Standard status
Active
APN
33-029-064.0-002.00
Size
5,906 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7178
Expense value
65000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Building materials
Brick
Listing Agency:
Coldwell Banker Select - Airpo · Coldwell Banker Real Estate
(814) 838-2299
Listed By:
Alisa McGraw · License #RS211632L
(814) 392-0999
Added: Jan 9
Changed: Aug 4
Last Checked: Aug 12 at 3:06AM
MLS# 189283
Copyright © 2026 Greater Erie Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This sale offering features a nicely remodeled restaurant and bar with newly remodeled upstairs apartment. The property includes a 25 beer tap system and a range of restaurant and bar equipment, along with newly updated flooring and lighting. Included equipment references are refrigerators, fryers, stove/oven, freezers, an ice machine, bar equipment, POS system, and security cameras.
The property is located at 3040 W Lake Road in Erie, PA 16505, with convenient access described as just seconds to Waldameer and minutes to Presque Isle.
An upstairs apartment is included and is described as 1,581 SF with a 3-bedroom configuration. The listing notes the space may be suitable for sale, lease, lease/option, or rental of the apartment depending on an operator’s plan.
The property is located at 3040 W Lake Road in Erie, PA 16505, with convenient access described as just seconds to Waldameer and minutes to Presque Isle.
An upstairs apartment is included and is described as 1,581 SF with a 3-bedroom configuration. The listing notes the space may be suitable for sale, lease, lease/option, or rental of the apartment depending on an operator’s plan.
Key Highlights
- Brick building with central air and forced‑air natural gas heat
- Restaurant and bar with newly remodeled interior, including new flooring and lighting
- Restaurant and bar outfitted with new equipment and a 25 beer tap system (includes kitchen equipment listed)
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$36,298
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$725,960
$726.0K
Cap Rate 7%
$518,543
$518.5K
Cap Rate 9%
$403,311
$403.3K
Market Conditions
NOI Build-Up for 5,906 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$68.7K $11.64/SF
− Vacancy
−$2.7K −$0.47/SF
EGI
$66.0K $11.17/SF
− OpEx
−$29.7K −$5.03/SF
NOI
$36.3K $6.15/SF
Area
Erie County, PA
Vacancy
4.00%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$725,960
Cap Rate 7%
$518,543
Cap Rate 9%
$403,311
Alternative Uses
Best Use
Specialty Retail
$1.19M
$1.04M – $1.38M
NOI $83,002 @ 7.0% cap · market cap 15.81%
Second Best
Apartment 5plus
$518.5K
$453.7K – $605.0K
NOI $36,298 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,566 @ 7.0% cap · market cap 19.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
467
Businesses Nearby
44k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Dining 47%
Hotels & Casinos 2%
Sheetz
Shops & Services
21,935 visits/mo
0.3 miles
McDonald's
Dining
20,701 visits/mo
0.4 miles
Comfort Inn Presque Isle
Hotels & Casinos
951 visits/mo
0.4 miles
Gerber Collision & Glass
Shops & Services
472 visits/mo
0.4 miles
Demographics for 16505, PA
16,437
Population
8,407
Households
2
Avg Household Size
49
Median Age
45%
College-Educated
96%
High-School Grad
11.7 sq mi
ZIP Area
1,405
Density / Sq Mi
$71,370
Median Household Income
$45,793
Median Earnings
$871
Median Rent
$196,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- www.bierhausmtspring.com — 3723 W 12th St, Erie, PA 16505
- West Lake Beer, Inc. — 3528 W Lake Rd, Erie, PA 16505
- Odis 12 Sports Bar & Grille — 3702 W 12th St, Erie, PA 16505
- Ugly Tuna Tavern — 1012 Peninsula Dr, Erie, PA 16505
- Last Shot Bar & Grill — 3064 W 12th St, Erie, PA 16505
Frequently Asked Questions
What type of property is this?
Bar & Pub - Remodeled restaurant and bar includes a 25-tap beer system and substantial kitchen and bar equipment, plus an upstairs 3-bedroom apartment.
Where is this bar & pub located?
The property is located at 3040 W LAKE Road Erie, PA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Brick building with central air and forced‑air natural gas heat; Restaurant and bar with newly remodeled interior, including new flooring and lighting; Restaurant and bar outfitted with new equipment and a 25 beer tap system (includes kitchen equipment listed)
