Lake George Development
For Sale
$669,000
Pending
3721 Lake Shore Drive, Lake George, NY 12824
High-visibility location with redevelopment potential in Lake George resort corridor.
Property Size1,659 SF
Lot Size0.90 Acres
Days on Market206
Property Features for 3721 Lake Shore Drive
General Information
Standard status
Pending
Size
1,659 SF
Lot size
0.90 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,112
Amenities
Central air
Accessible Doors
Concrete Flooring
Level
Off Street
Partially Paved
Private
Propane Tank Owned Heating
Road Frontage
Shingle Roof
Wall Unit(s) Cooling
Window Unit(s) Cooling
Building Details
Year Built
1975
Listing Agency:
COLDWELL BANKER KING GEORGE RE
(518) 644-2243
Listed By:
EDWARD P FOY
Source:
Corcoran
Added: Jan 27
Changed: Aug 8
Last Checked: Jul 23 at 7:53AM
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 COLDWELL BANKER KING GEORGE RE
Investment Insights
Based on property information with market context.
This property offers an outstanding high-visibility location on State Route 9N, benefiting from strong traffic counts and exposure. The high-density, multi-use zoning presents a rare investment and redevelopment opportunity, subject to approvals. Situated in the heart of the Lake George resort corridor, it lies between Lake George Village and Bolton Landing. The location is ideal for hospitality, retail, mixed-use, or residential development. The property features mixed-use zoning and measures 390 feet deep with 102 feet of road frontage. A two-story wood barn, measuring 18x28, is present on the property and can be converted to residential use. Beach access is available across the street for Lake George property owners only. This prime development site offers exceptional visibility and significant redevelopment potential. Located in a premier Lake George resort and boating community, it represents an excellent opportunity for investors, developers, or commercial users. The property size is 1659 square feet.
Key Highlights
- High‑visibility location on State Route 9N with strong traffic counts and exposure.
- High‑density, multi‑use zoning offers significant redevelopment potential (subject to approvals).
- Located in the heart of the Lake George resort corridor, between Lake George Village and Bolton Landing.
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
$20,605
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
3.08%
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%
$412,100
$412.1K
Cap Rate 7%
$294,357
$294.4K
Cap Rate 9%
$228,944
$228.9K
Market Conditions
NOI Build-Up for 1,659 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
$35.8K $21.60/SF
− Vacancy
−$2.9K −$1.73/SF
EGI
$33.0K $19.87/SF
− OpEx
−$12.4K −$7.45/SF
NOI
$20.6K $12.42/SF
Area
Warren County, NY
Vacancy
8.00%
Lease Rate
$21.60 /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%
$412,100
Cap Rate 7%
$294,357
Cap Rate 9%
$228,944
Alternative Uses
Best Use
Mixed Use
$294.4K
$257.6K – $343.4K
NOI $20,605 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$496.6K
$434.5K – $579.3K
NOI $34,759 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
52
Businesses Nearby
Explore this area
Business Placement
Demographics for 12824, NY
801
Population
967
Households
0.8
Avg Household Size
58
Median Age
48%
College-Educated
95%
High-School Grad
21.5 sq mi
ZIP Area
37
Density / Sq Mi
$123,026
Median Household Income
$49,219
Median Earnings
$441,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - High-visibility location with redevelopment potential in Lake George resort corridor.
Where is this commercial land located?
The property is located at 3721 Lake Shore Drive Lake George, NY.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: High‑visibility location on State Route 9N with strong traffic counts and exposure.; High‑density, multi‑use zoning offers significant redevelopment potential (subject to approvals).; Located in the heart of the Lake George resort corridor, between Lake George Village and Bolton Landing.
