5360 Lake RdErie, PA 16505

Property Details for 5360 Lake Rd

Year built

1970

Construction

FRAME

Lot size

0.40 AC

Property size (Sq ft)

3,506 SF

Zone code

BB

Property type

Retail properties

Property subtype

Retail space

APN

33-023-120.0-014.00

APU

33023120001400

Description

Lakeshore Teresa's Deli, an Erie institution for over 37 years, is available for sale. This turnkey opportunity includes the established business name, goodwill, all furnishings, fixtures, and equipment, and even the treasured recipes. The sale also encompasses the real estate, offered with a minimum 5-year net lease at a mutually agreeable rental rate. This presents a unique chance to acquire a well-established and profitable business with a strong reputation. The deli has been recognized with prestigious awards, earning the title of Erie's best Caterer/Catering Company AND Sub/Deli/Sandwich Shop in the 2024 Community Choice Awards. The property itself boasts a substantial 3,506 square feet situated on a 0.4-acre lot at 5360 W Lake Road in Erie, PA. The asking price for this exceptional package is $800,000. Seller financing is available for qualified buyers, making this an attractive investment opportunity for those seeking a proven business model with significant growth potential. The sale includes the business, real estate lease, and all assets necessary for immediate operation. This is a rare chance to own a piece of Erie's culinary history and build upon its already impressive success. Don't miss this opportunity to own a thriving, award-winning business in a prime location.

• CAP approach

  CAP return

  Valuation

  6%

  $927,172

  6.5%

  $855,851

  7%

  $794,719

• Comparable approach

  Method

  Valuation

  Relative Method

  $826,437

  Geo Method

  $826,437

• Alternative Use

  Use

  Valuation

  Residential

  $721,942

  Hospitality

  $661,295

  Educational

  $550,190

  Medical

  $569,112

  Retail

  $855,851

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Latitude

42.0769

Longitude

-80.203

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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