77 Canada StLake George, NY 12845

Property Details for 77 Canada St

Year built

1958

Lot size

0.27 AC

Property size (Sq ft)

5,626 SF

Zone code

05 - COMMERCIAL

Property type

Turn key restaurants

APN

522201 264.06-2-50

APU

52220126406250

Description

This exceptional commercial property in the heart of Lake George Village presents a unique investment opportunity. Encompassing over an acre (1.03 acres to be exact) of land, this property consists of five adjoining parcels, currently featuring two houses – a five-bedroom, 3.5-bathroom home and a five-bedroom, three-bathroom home – both successfully operating as short-term rentals with a proven rental history. Two of the parcels comprise a 50-space parking lot currently leased to the Village of Lake George. The remaining parcel houses a former restaurant building, the Pancake House. Pre-approved development plans exist for a mixed-use development incorporating retail and rental spaces on the front three lots. The property boasts public water and sewer, and heating systems include steam, oil, and other options. Cooling is provided by window units. The existing homes feature wood siding and unfinished basements. The property is zoned for mixed use, offering significant flexibility for future development. Located in the Lake George School District, the estimated annual property taxes are $22,917. This prime location and versatile property offer substantial potential for a savvy investor.

• CAP approach

  CAP return

  Valuation

  6%

  $2,054,451

  6.5%

  $1,896,416

  7%

  $1,760,958

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,864,886

  Geo Method

  $1,852,435

• Alternative Use

  Use

  Valuation

  Residential

  $1,599,698

  Hospitality

  $1,465,315

  Educational

  $1,219,125

  Medical

  $1,261,052

  Retail

  $1,896,416

Location Insight

City

Lake George

County

Warren

State

New York

Latitude

43.4207

Longitude

-73.7147

CBSA code

24020

CBSA name

GLENS FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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