gelagert
stored
Kept or deposited in a particular place for a certain period of time.
Der Wein muss kühl und dunkel gelagert werden.
The wine must be stored in a cool, dark place.

stored / situated
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stored
Kept or deposited in a particular place for a certain period of time.
Der Wein muss kühl und dunkel gelagert werden.
The wine must be stored in a cool, dark place.

'Gelagert' (stored/situated) is the past participle of the verb 'lagern' (to store). It is very often used like an adjective to describe the state of a thing.
Die Akten sind sicher im Archiv gelagert.
The files are stored safely in the archive.
In the meaning 'aufbewahrt' (stored), 'gelagert' (stored) is often combined with adverbs that describe the type of storage. Typical ones are: 'kühl' (cool), 'trocken' (dry), 'sicher' (safe), or 'fachgerecht' (properly/professionally).
Die Medikamente müssen trocken gelagert werden.
The medications must be stored in a dry place.
In the figurative meaning, 'gelagert' (situated) is very formal and is used mainly in administrative, legal, or academic language. You would rarely hear it in everyday speech.
Die Problematik ist wesentlich komplexer gelagert, als es zunächst scheint.
The issue is situated much more complexly than it initially seems.
You can recognize the figurative meaning by the fact that it refers to abstract nouns such as 'Fall' (case), 'Sache' (matter), 'Problem' (problem), or 'Situation' (situation). If the topic is concrete, physical objects, the literal meaning 'aufbewahrt' (stored) is always meant.
Der Fall ist ähnlich gelagert wie der vom letzten Jahr.
The case is situated similarly to the one from last year.
located / convenient
'gelegen' and 'gelagert' sound similar and can both have to do with a place. 'gelegen' describes where something is located, for example a house, a hotel, or a village. 'gelagert' is used when something is stored in a place, for example goods, files, or food. In formal language, 'gelagert' can also describe the nature of a case or problem. The words can be confused because both can refer to a location. As a practical rule: a building is 'irgendwo gelegen' (located somewhere), but boxes or supplies are 'irgendwo gelagert' (stored somewhere).

Die alten Akten sind seit Jahren im Keller gelagert.
The old files have been stored in the basement for years.
Das Hotel ist ruhig gelegen und trotzdem nah am Bahnhof.
The hotel is quietly located and still close to the train station.