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Property profile & analytics
OFF-MARKET
Parking lots & garages

3040 Lk Rd Erie, PA 16505-3849

0.28 ac lot
Entity Owned 13-yr Hold ~ Est. High Equity
Property ID
US73-2213342
Property summary
AI-generated overview

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 profile
Verified
Property type Parking lots & garages
Use group PARKING LOT
Lot 0.28 ac (12,306 SF)
Zoning code RB
APN 33-029-064.0-003.00
UPID US73-2213342
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
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Comparable Approach Comparable
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Blend (final) Blend
by Request
Owner & transaction history
Pa Of Tex II Realty Ltd · 13 yrs held
Pa Of Tex II Realty Ltd
since 2012
4 recorded transactions
2012
$245,000
2004
$350,000
2002
$325,000
1969
Price N/A
Zoning & alternative use
RB · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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