3040 Lake RdErie, PA 16505

Property Details for 3040 Lake Rd

Lot size

0.28 AC

Zone code

RB

Property type

Retail properties

Property subtype

Parking lots & garages

APN

33-029-064.0-003.00

APU

33029064000300

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $3,254,357

  6.5%

  $3,004,022

  7%

  $2,789,449

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,900,780

  Geo Method

  $2,900,780

• Alternative Use

  Use

  Valuation

  Residential

  $2,534,005

  Hospitality

  $2,321,135

  Educational

  $1,931,157

  Medical

  $1,997,572

  Retail

  $3,004,022

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Latitude

42.1038

Longitude

-80.1531

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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