Two-Story Restaurant with
For Sale
$4,495,000
320 & 326 Canada Street Unit 20 Amherst St, Lake George, NY 12845
Year-round restaurant and delicatessen operation with dining areas on two levels and an outdoor deck.
Property Size13,000 SF
Price / SF$345.77
Days on Market2275
Property Features for 320 & 326 Canada Street Unit 20 Amherst St
General Information
Standard status
Active
Size
13,000 SF
Property subtype
Commercial
Restaurant
Patio
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Amenities
Accessible Approach with Ramp
Building Details
Year Built
1950
Stories
2
Listing Agency:
Howard Hanna Capital Inc
Listed By:
Charles Curto
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jun 10, 2020
Changed: Aug 30
Last Checked: Aug 31 at 8:02PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
The property includes a two-story restaurant and tavern with a full-service dining area on the first floor, additional dining space upstairs, and an outdoor deck. An adjacent delicatessen is also part of the operating property, and both businesses remain open year-round. The restaurant is offered with its existing equipment.
The offering combines three parcels at 320 & 326 Canada Street and 20 Amherst Avenue in Lake George, New York. The site is positioned along Canada Street, the area's main thoroughfare, with access to the activity associated with this tourist destination. Zoning allows development of up to 20 condominium units, adding a residential or mixed-use dimension to the existing restaurant operation. The main building was constructed in 1950.
The offering combines three parcels at 320 & 326 Canada Street and 20 Amherst Avenue in Lake George, New York. The site is positioned along Canada Street, the area's main thoroughfare, with access to the activity associated with this tourist destination. Zoning allows development of up to 20 condominium units, adding a residential or mixed-use dimension to the existing restaurant operation. The main building was constructed in 1950.
Key Highlights
- Two‑story restaurant and tavern with dining space on both floors
- Outdoor deck connected to the second‑floor dining area
- Adjacent delicatessen included with the property
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
$168,129
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
3.74%
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%
$3,362,580
$3.4M
Cap Rate 7%
$2,401,843
$2.4M
Cap Rate 9%
$1,868,100
$1.9M
Market Conditions
NOI Build-Up for 13,000 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
$234.0K $18.00/SF
− Vacancy
−$9.8K −$0.76/SF
EGI
$224.2K $17.24/SF
− OpEx
−$56.0K −$4.31/SF
NOI
$168.1K $12.93/SF
Area
Warren County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,362,580
Cap Rate 7%
$2,401,843
Cap Rate 9%
$1,868,100
Alternative Uses
Best Use
Specialty Retail
$2.40M
$2.10M – $2.80M
NOI $168,129 @ 7.0% cap · market cap 3.74%
Second Best
Mixed Use
$2.31M
$2.02M – $2.69M
NOI $161,460 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$3.89M
$3.40M – $4.54M
NOI $272,376 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
523
Businesses Nearby
6k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
Courtyard Lake George
Hotels & Casinos
5,524 visits/mo
0.2 miles
Demographics for 12845, NY
4,873
Population
3,441
Households
1.4
Avg Household Size
52
Median Age
37%
College-Educated
94%
High-School Grad
45.0 sq mi
ZIP Area
108
Density / Sq Mi
$95,583
Median Household Income
$50,000
Median Earnings
$1,064
Median Rent
$371,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Year-round restaurant and delicatessen operation with dining areas on two levels and an outdoor deck.
Where is this conventional restaurant located?
The property is located at 320 & 326 Canada Street Unit 20 Amherst St Lake George, NY.
What is the asking price?
The asking price for this property is $4,495,000.
What are key features of this property?
This property features: Two‑story restaurant and tavern with dining space on both floors; Outdoor deck connected to the second‑floor dining area; Adjacent delicatessen included with the property
