Mixed-Use Restaurant and
For Sale
$1,425,000
5 Lower Montcalm Street, Lake George, NY 12845
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$316.67
Days on Market155
Property Features for 5 Lower Montcalm Street
General Information
Standard status
Active
Size
4,500 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1950
Listing Agency:
Miranda Real Estate Group Inc
Listed By:
Darlene Zeh · License #40ZE1049998
(518) 527-4026
Source:
Signatureonerealtygroup
Added: May 15
Changed: Oct 15
Last Checked: Oct 16 at 8:37AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,199
Cap Rate
4.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,163,980
$1.2M
Cap Rate 7%
$831,414
$831.4K
Cap Rate 9%
$646,656
$646.7K
Market Conditions
NOI Build-Up for 4,500 SF
Gross rent
$81.0K $18.00/SF
− Vacancy
−$3.4K −$0.76/SF
EGI
$77.6K $17.24/SF
− OpEx
−$19.4K −$4.31/SF
NOI
$58.2K $12.93/SF
Area
Warren County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,163,980
Cap Rate 7%
$831,414
Cap Rate 9%
$646,656
Alternative Uses
Best Use
Specialty Retail
$831.4K
$727.5K – $970.0K
NOI $58,199 @ 7.0% cap · market cap 4.08%
Second Best
Multifamily LT 5
$587.6K
$514.1K – $685.5K
NOI $41,130 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,284 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
560
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 12845, NY
4,873
Population
3,441
Households
1.4
Avg Household Size
52
Median Age
37%
College-Educated
94%
High-School Grad
45.0 sq mi
ZIP Area
108
Density / Sq Mi
$95,583
Median Household Income
$50,000
Median Earnings
$1,064
Median Rent
$371,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
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 $1,425,000.
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
