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    2206-2208 RICE Avenue Lake City, PA 16423

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    For Sale
    $249,900

    COMMERCIAL - Lake City Boro, PA

    Property size:
    2,480 SF
    Lot size:
    0.23 Acres
    Price / SF:
    $100/SF
    Added:
    Jul 21, 2025
    Days on Market:
    283
    Last Refresh:
    Apr 29 at 1:06 pm

    Property Features for 2206-2208 RICE Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Property condition
    Under Construction
    Parking
    12
    Standard status
    Active
    APN
    28-013-023.0-001.00
    Size
    2,480 SF
    Lot size
    0.23 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    4287
    Expense value
    10000
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2010
    Building materials
    VinylSiding

    We can help!

    Listing Contact
    Jen Mitchell
    Jen Mitchell

    Listing agent Jen Mitchell License #RS353789

    Listing office Agresti Real Estate 2635 W 26th Street, Erie, PA

    Listing date Jul 21, 2025

    MLS# 186019

    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.

    Overview

    Turn-Key Sports Bar & Grill

    Legends Sports Bar & Grill is a turn-key operation, featuring a tavern constructed in 2010. The sale includes the liquor license, business name, kitchen and bar equipment, and furniture for both indoor and outdoor use. The property includes a large cement parking lot with space for over 12 vehicles. The building has 2480 square feet of space and is situated on a 0.2344-acre lot. This is a complete package for owning a tavern with a liquor license, located in Lake City Boro, Erie County, Pennsylvania.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Big Box & Wholesale Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Penny's Pub — 1402 Lake St, Lake City, PA 16423
    • Legends Sports Bar & Grill — 2208 Rice Ave, Lake City, PA 16423

    Location Insight

    • Map
    • Local Demand
    City
    Lake City
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.3428351
    Latitude
    42.0146648

    FAQs

    What type of property is this?
    Bar & Pub - Operating bar and grill with liquor license and equipment included.
    Where is this bar & pub located?
    The property is located at 2206-2208 RICE Avenue Lake City, PA.
    What is the asking price?
    The asking price for this property is $249,900.
    What are key features of this property?
    This property features: Turn‑key operation including business name and liquor license.; Includes all kitchen and bar equipment.; Includes all indoor and outdoor furniture.
    (814) 823-4059
    We can help!
    Listing Contact
    Jen Mitchell
    Jen Mitchell
    Real Estate License ID: RS353789
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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