Mixed-Use Restaurant and
5 Lower Montcalm Street Lake George, NY 12845
New
5 Lower Montcalm Street, Lake George, NY, 12845
$1,675,000
For Sale
$1,675,000
Mixed-use property with a former restaurant and two residential apartments, sold as-is near the lake and Shepards Park beach.
Property Size4,500 SF
Price / SF$372.22
Days on Market6
Property Features for 5 Lower Montcalm Street
General Information
- Standard status
- Active
- Size
- 4,500 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1950
Listing Agency
Miranda Real Estate Group Inc
Listed by
Darlene Zeh
(518) 639-4663
Source
Signatureonerealtygroup
Added: Jul 12 Checked: Jul 17 at 3:14 am
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 Miranda Real Estate Group Inc
Investment Insights
Based on property information with market context.
This mixed-use property at 5 Lower Montcalm Street in Lake George, NY includes a former restaurant space and two residential apartments. The building is being sold as-is, offering a versatile setup for a buyer looking to restore the restaurant or otherwise re-purpose the existing improvements alongside the apartment units.
The property is listed as being less than 100 feet from the lake and Shepards Park beach. The remarks also note strong pedestrian traffic and visibility, with nearby access to shops, restaurants, and the surrounding Lake George attractions.
As presented, the configuration supports income generation through the existing residential apartments, with the commercial area providing additional flexibility for an owner-operator or investor redevelopment scenario.
The property is listed as being less than 100 feet from the lake and Shepards Park beach. The remarks also note strong pedestrian traffic and visibility, with nearby access to shops, restaurants, and the surrounding Lake George attractions.
As presented, the configuration supports income generation through the existing residential apartments, with the commercial area providing additional flexibility for an owner-operator or investor redevelopment scenario.
Key Highlights
- Mixed‑use property (built 1950) with a former restaurant and two residential apartments
- Located less than 100 ft from the lake and Shepards Park beach
- Zoned and configured for multiple income streams: former restaurant plus two residential apartments
Local Financial Insights For Specialty Retail
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 | $81.0k | $18.00 |
| − Vacancy | −$3.4k | −$0.76 |
| EGI | $77.6k | $17.24 |
| − OpEx | −$19.4k | −$4.31 |
| NOI | $58.2k | $12.93 |
4,500 SF · lease $18.00/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$831.4K
$727.5K – $970.0K
NOI $58,199 @ 7.0% cap · market cap 3.47%
Second Best
Multifamily LT 5
$587.6K
$514.1K – $685.5K
NOI $41,130 @ 7.0% cap · market cap 2.46%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,284 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Conventional restaurants
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - Mixed-use property with a former restaurant and two residential apartments, sold as-is near the lake and Shepards Park beach.
Where is this conventional restaurant located?
The property is located at 5 Lower Montcalm Street Lake George, NY.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: Mixed‑use property (built 1950) with a former restaurant and two residential apartments; Located less than 100 ft from the lake and Shepards Park beach; Zoned and configured for multiple income streams: former restaurant plus two residential apartments
