Remodeled Restaurant and Bar With
3040 W LAKE Road Erie, PA 16505
For Sale
$525,000
COMMERCIAL - Erie, PA
Property Size5,906 SF
Lot Size0.44 Acres
Price / SF$88.89
Days on Market199
Property Features for 3040 W LAKE Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
30
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
Listing Agency:
Coldwell Banker Select - Airpo
(814) 838-2299
Listed By:
Alisa McGraw · License #RS211632L
(814) 392-0999
Added: Jan 9
Changed: Jun 23
Last Checked: Jul 27 at 11:06AM
MLS# 189281
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 property features a beautifully remodeled restaurant and bar with newly remodeled upstairs living space. The main dining and bar area includes new flooring and lighting, along with extensive operational improvements. The sale includes kitchen equipment and bar systems, with a stated 25-beer tap system and included appliances and equipment such as refrigerators, fryers, stove/oven, freezers, and an ice machine, plus bar equipment and a POS system. Security cameras are also listed among the included items.
Located at 3040 W Lake Road in Erie, PA 16505, the property is described as just seconds to Waldameer and minutes to Presque Isle. The lot is listed at 0.44 acres, and the total property size is reported as 5,906 square feet.
For a buyer or operator seeking a ready-to-run food and beverage concept, the combination of a remodeled restaurant/bar and an upstairs apartment can support flexible use for an owner-operator or a business looking to add on-site residential income. The listing notes that the property may be available for sale, lease, lease/own, or with the apartment rented, subject to terms and attachments referenced with the offering.
Located at 3040 W Lake Road in Erie, PA 16505, the property is described as just seconds to Waldameer and minutes to Presque Isle. The lot is listed at 0.44 acres, and the total property size is reported as 5,906 square feet.
For a buyer or operator seeking a ready-to-run food and beverage concept, the combination of a remodeled restaurant/bar and an upstairs apartment can support flexible use for an owner-operator or a business looking to add on-site residential income. The listing notes that the property may be available for sale, lease, lease/own, or with the apartment rented, subject to terms and attachments referenced with the offering.
Key Highlights
- Restaurant and bar with a newly remodeled 3‑bedroom upstairs apartment (1,581 SF)
- Newer restaurant/bar updates include new flooring and lighting plus 25 beer tap system
- Kitchen equipment included: refrigerators, fryers, stove/oven, freezers, and ice machine
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $68.7k | $11.64 |
| − Vacancy | −$2.7k | −$0.47 |
| EGI | $66.0k | $11.17 |
| − OpEx | −$29.7k | −$5.03 |
| NOI | $36.3k | $6.15 |
5,906 SF · lease $11.64/SF/yr · vacancy 4.00% · expense 45.00%
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey remodeled restaurant and bar with an upstairs 3-bedroom apartment for diversified on-site use in Erie.
Where is this conventional restaurant 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: Restaurant and bar with a newly remodeled 3‑bedroom upstairs apartment (1,581 SF); Newer restaurant/bar updates include new flooring and lighting plus 25 beer tap system; Kitchen equipment included: refrigerators, fryers, stove/oven, freezers, and ice machine
