429 Canada St Lake George, NY 12845-1115

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.