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    OFF-MARKET
    Parking lots & garages

    3040 Lk Rd, Erie, PA 16505-3849

    0.28 ac lot
    Entity Owned 13-yr Hold ~ Est. High Equity
    Property ID
    US73-2213342
    Property summary
    AI-generated overview

    This exceptional commercial property at 3040 West Lake Rd in Erie, Pennsylvania, presents a unique investment opportunity. The 5,906 square foot building is situated in Erie County, between 6th and 8th Streets, just west of Peninsula Drive. Its prime location offers unparalleled access to popular attractions, including Waldameer Park and Presque Isle State Park, ensuring high visibility and foot traffic. The property features a beautifully remodeled restaurant and bar, complete with new flooring, lighting, and extensive new equipment. This includes a 25-tap beer system, along with all necessary kitchen appliances such as refrigerators, fryers, ovens, freezers, and an ice machine. The bar is also equipped with a point-of-sale (POS) system and security cameras. Adding to the property's versatility, a newly remodeled 1,581 square foot, three-bedroom apartment is located upstairs. The property is available for sale or lease, with options for purchasing or leasing the building and apartment separately or together. A liquor license is available for an additional $80,000 with the purchase of the building. This turnkey operation is perfect for an ambitious entrepreneur seeking a thriving business in a highly desirable location. The property is zoned for commercial use and currently operates as a multi-tenant space.

    Property profile
    Verified
    Property type Parking lots & garages
    Use group PARKING LOT
    Lot 0.28 ac (12,306 SF)
    Zoning code RB
    APN 33-029-064.0-003.00
    UPID US73-2213342
    Cap rate & NOI
    Priority signal for investors
    Implied cap rate, NOI & suggested price
    Cap rate vs submarket · NOI estimate · 3 price anchors
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Value estimations
    Realmo proprietary · 4 methods
    AI Approach AI
    by Request
    CAP Approach CAP
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    Comparable Approach Comparable
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    Blend (final) Blend
    by Request
    Owner & transaction history
    Pa Of Tex II Realty Ltd · 13 yrs held
    Pa Of Tex II Realty Ltd
    since 2012
    4 recorded transactions
    2012
    $245,000
    2004
    $350,000
    2002
    $325,000
    1969
    Zoning & alternative use
    RB · Erie, PA
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
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