Restaurant with Covered
For Sale
$275,000
35725 Lake Rd, Union City, PA 16438
Commercial kitchen includes a walk-in cooler, pizza oven, fryers, refrigeration, and stainless preparation areas.
Property Size1,100 SF
Price / SF$250
Days on Market26
Property Features for 35725 Lake Rd
General Information
Standard status
Active
Size
1,100 SF
Property subtype
Business Opportunity
Restaurant
Commercial Hood
Yes
Patio
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$2,586
Amenities
covered picnic pavilions
outbuildings for storage
spacious green space
Listing Agency:
Howard Hanna Erie Southwest
(724) 331-2341
Listed By:
Billie Jo Easterlin
(724) 331-2341
Source:
Exprealty
Added: Jul 30
Changed: Aug 22
Last Checked: Aug 23 at 7:18AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Howard Hanna Erie Southwest
Investment Insights
Based on property information with market context.
Happi Jax is a restaurant business at Canadohta Lake that has served lake residents and visitors for 75 years. The operation includes a commercial kitchen with a walk-in cooler, commercial hood, grill, fryers, pizza oven, prep stations, refrigeration, ice cream dipping cabinets, beverage coolers, stainless work areas, and storage. Multiple ordering windows support customer service from the building.
The outdoor component includes covered picnic pavilions, seating areas, green space, storage outbuildings, and a large paved parking lot. The property is located at 35725 Lake Rd in Union City, Pennsylvania, next to a putter-golf business. The sale includes the established Happi Jax business and its restaurant equipment.
The outdoor component includes covered picnic pavilions, seating areas, green space, storage outbuildings, and a large paved parking lot. The property is located at 35725 Lake Rd in Union City, Pennsylvania, next to a putter-golf business. The sale includes the established Happi Jax business and its restaurant equipment.
Key Highlights
- Restaurant business serving Canadohta Lake for 75 years
- Commercial kitchen with walk‑in cooler, hood, grill, fryers, and pizza oven
- Ice cream dipping cabinets and beverage coolers included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,459
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$309,180
$309.2K
Cap Rate 7%
$220,843
$220.8K
Cap Rate 9%
$171,767
$171.8K
Market Conditions
NOI Build-Up for 1,100 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$21.5K $19.56/SF
− Vacancy
−$904 −$0.82/SF
EGI
$20.6K $18.74/SF
− OpEx
−$5.2K −$4.68/SF
NOI
$15.5K $14.05/SF
Area
Erie County, PA
Vacancy
4.20%
Lease Rate
$19.56 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$309,180
Cap Rate 7%
$220,843
Cap Rate 9%
$171,767
Alternative Uses
Best Use
Specialty Retail
$220.8K
$193.2K – $257.7K
NOI $15,459 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$272.9K
$238.8K – $318.4K
NOI $19,103 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 16438, PA
7,504
Population
4,146
Households
1.8
Avg Household Size
44
Median Age
17%
College-Educated
90%
High-School Grad
102.4 sq mi
ZIP Area
73
Density / Sq Mi
$60,559
Median Household Income
$35,208
Median Earnings
$743
Median Rent
$134,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Commercial kitchen includes a walk-in cooler, pizza oven, fryers, refrigeration, and stainless preparation areas.
Where is this conventional restaurant located?
The property is located at 35725 Lake Rd Union City, PA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Restaurant business serving Canadohta Lake for 75 years; Commercial kitchen with walk‑in cooler, hood, grill, fryers, and pizza oven; Ice cream dipping cabinets and beverage coolers included
