Corner-Lot Bar & Pub
For Sale
$449,000
3077 West Lake Road, Erie, PA 16505
Bar and pub property with commercial kitchen, redevelopment space, liquor licensing, and Presque Isle Gateway zoning.
Property Size3,698 SF
Lot Size0.46 Acres
Price / SF$121.42
Days on Market155
Property Features for 3077 West Lake Road
General Information
Standard status
Active
Size
3,698 SF
Lot size
0.46 Acres
Property subtype
Retail - Freestanding
Zoning
PI
Site & Location
Corner Location
Yes
Traffic Count
10,000 vehicles/day
Road Access
Yes
Additional Details
Liquor License
Yes
Amenities
commercial kitchen
2 restrooms
office
ADA accessibility
Building Details
Building Size
3,698 SF
Year Built
1920
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
SBRE - Sherry Bauer Real Estate
(814) 453-2000
Listed By:
Sherry Bauer · License #RM422666
Source:
Commercialcafe
Added: Mar 31
Changed: Aug 30
Last Checked: Aug 30 at 2:55PM
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 SBRE - Sherry Bauer Real Estate
Investment Insights
Based on property information with market context.
This mixed-use commercial building includes a 2,573±-square-foot first-floor bar and pub layout with an open configuration, commercial kitchen, two restrooms, office space, and ADA accessibility. The 1,125±-square-foot second floor, formerly configured as an apartment, is available for redevelopment, while an additional 1,125±-square-foot basement provides storage. The property was recently utilized as Hi & Dri Pub and includes a Pennsylvania restaurant liquor license with amusement liquor and Sunday sales permits.
The building occupies a 0.46±-acre corner parcel at a signalized intersection near the entrance to Waldameer Park & Water World and approximately 1 mile from Presque Isle State Park. It offers 141 feet of frontage along W. Lake Road, 137 feet along Wyoming Avenue, and 30+ off-street parking spaces. Presque Isle Gateway zoning supports bar and restaurant, retail, commercial recreation, personal and professional services, and mixed-use residential-commercial applications.
The building occupies a 0.46±-acre corner parcel at a signalized intersection near the entrance to Waldameer Park & Water World and approximately 1 mile from Presque Isle State Park. It offers 141 feet of frontage along W. Lake Road, 137 feet along Wyoming Avenue, and 30+ off-street parking spaces. Presque Isle Gateway zoning supports bar and restaurant, retail, commercial recreation, personal and professional services, and mixed-use residential-commercial applications.
Key Highlights
- 3,698± SF mixed‑use commercial building on a 0.46± acre corner lot
- 2,573± SF first‑floor bar/pub with commercial kitchen and 2 restrooms
- 1,125± SF second floor available for re‑development
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
$37,442
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
8.34%
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%
$748,840
$748.8K
Cap Rate 7%
$534,886
$534.9K
Cap Rate 9%
$416,022
$416.0K
Market Conditions
NOI Build-Up for 3,698 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
$66.6K $18.00/SF
− Vacancy
−$6.7K −$1.80/SF
EGI
$59.9K $16.20/SF
− OpEx
−$22.5K −$6.07/SF
NOI
$37.4K $10.13/SF
Area
Erie County, PA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$748,840
Cap Rate 7%
$534,886
Cap Rate 9%
$416,022
Alternative Uses
Best Use
Specialty Retail
$742.4K
$649.6K – $866.2K
NOI $51,971 @ 7.0% cap · market cap 11.57%
Second Best
Mixed Use
$534.9K
$468.0K – $624.0K
NOI $37,442 @ 7.0% cap · market cap 8.34%
Theoretical Best
Office A
$917.4K
$802.8K – $1.07M
NOI $64,221 @ 7.0% cap · market cap 14.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
174
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- White Buffalo Bar & Grille — 3406 Buffalo Rd, Erie, PA 16510
- Irish Cousins — 3924 Main St, Erie, PA 16511
- Park Tavern — 4205 E Lake Rd, Erie, PA 16511
Frequently Asked Questions
What type of property is this?
Bar & Pub - Bar and pub property with commercial kitchen, redevelopment space, liquor licensing, and Presque Isle Gateway zoning.
Where is this bar & pub located?
The property is located at 3077 West Lake Road Erie, PA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 3,698± SF mixed‑use commercial building on a 0.46± acre corner lot; 2,573± SF first‑floor bar/pub with commercial kitchen and 2 restrooms; 1,125± SF second floor available for re‑development
