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Property profile & analytics

429 Canada St Lake George, NY 12845-1115

  • Turn key restaurants
  • 5,698 SF
  • 0.41 lot acres
OFF-MARKET
Last Sale
Jan 18, 2022
Value Estimations
Cap Rate Potential
Location Intelligence
Property ID
US63-2102501
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

Current Use by Public Records

  • Mario's Restaurant / Italian Restaurant / Restaurant

Property Details for 429 Canada St

Year built
1950
Lot size
0.41 lot acres
Property size
5,698 SF
Property type
Turn key restaurants
APN
522201 251.14-2-36
APU
52220125114236

Description

This exceptional opportunity presents the acquisition of Mario's Restaurant of Lake George, a thriving Italian-American establishment celebrating its 70th year of operation. Located at 429 Canada St, Lake George, NY 12845, this free-standing, three-story building boasts 5,630 square feet of net rentable space situated on a .41-acre lot (17,859 sq ft). The property, built in 1954 and extensively renovated in 2022, is zoned for commercial use and includes a main dining room, terrace dining room, cozy bar, and a state-of-the-art stainless-steel kitchen. A full dry basement provides ample storage, refrigeration, and a commercial laundry. The building also features a spacious three-bedroom owner's apartment and office above the restaurant, offering convenient live-above-the-store living. Currently operating at 100% occupancy, Mario's enjoys a strong reputation among locals and tourists alike, benefiting from its prime location in Lake George Village with ample parking. The asking price is $2,395,000, representing a 10% cap rate. This turnkey operation presents a rare chance to own a well-established, profitable restaurant with significant potential for growth. The current owners are retiring after decades of dedicated service, creating an opportunity for a new owner to build upon the restaurant's legacy and introduce fresh ideas while maintaining its cherished place in the community. The restaurant features a full liquor license and offers a diverse menu of Italian and American cuisine.


Value Estimations

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  • CAP approach

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  • Alternative Use

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Location Insight

  • Map
  • Local Demand
City
Lake George
County
Warren
State
New York
Longitude
-73.7128
Latitude
43.4305
CBSA code
24020
CBSA name
GLENS FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2021
$0.00
$119,400
$450,600
$570,000
-
$142,143
$536,428
$678,571
More about this property
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