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 Market64
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
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jun 30
Changed: Aug 31
Last Checked: Aug 31 at 7:27PM
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
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
$58,199
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
4.08%
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%
$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
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
$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 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%
$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.
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
Questions? Ask Rey
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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
