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    3040 Lake Rd Erie, PA 16505

    Sponsored
    For Lease
    $9 SF/Yr ($4,498 /Mo)

    Prime Erie location, 5,906 sq ft, lease/buy options

    Lot size:
    5,906 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional commercial property at 3040 West Lake Rd in Erie, Pennsylvania, presents a unique investment opportunity. The 5,906 square foot building is situated in Erie County, between 6th and 8th Streets, just west of Peninsula Drive. Its prime location offers unparalleled access to popular attractions, including Waldameer Park and Presque Isle State Park, ensuring high visibility and foot traffic. The property features a beautifully remodeled restaurant and bar, complete with new flooring, lighting, and extensive new equipment. This includes a 25-tap beer system, along with all necessary kitchen appliances such as refrigerators, fryers, ovens, freezers, and an ice machine. The bar is also equipped with a point-of-sale (POS) system and security cameras. Adding to the property's versatility, a newly remodeled 1,581 square foot, three-bedroom apartment is located upstairs. The property is available for sale or lease, with options for purchasing or leasing the building and apartment separately or together. A liquor license is available for an additional $80,000 with the purchase of the building. This turnkey operation is perfect for an ambitious entrepreneur seeking a thriving business in a highly desirable location. The property is zoned for commercial use and currently operates as a multi-tenant space.

    Property Features for 3040 Lake Rd

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    5,906 SF
    Total Rate
    4498.4

    Unit(s) available at that property

    Space
    Size
    5,906 SF
    Rate per SF
    $9
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.1536083
    Latitude
    42.1037749

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    FAQs

    What type of property is this?
    Restaurant - Prime Erie location, 5,906 sq ft, lease/buy options
    Where is this restaurant located?
    The property is located at 3040 Lake Rd Erie, PA.
    What is the lease rate?
    The lease rate is $9 SF/Yr.
    Request Owner's contact information
    3040 Lake Rd Erie, PA 16505
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    Erie, PA 16505
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3040 Lake Rd Erie, PA 16505
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