Restaurant with Indoor-Outdoor
For Sale
$595,000
36422 State Highway 23, Roxbury, NY 12434
Commercial Sale, Roxbury, NY
Property Size2,472 SF
Lot Size0.75 Acres
Price / SF$240.70
Days on Market778
Property Features for 36422 State Highway 23
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
422
Zoning description
422 - Diner
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Security features
Security System
Appliances
Water Heater, Refrigerator, Microwave, Freezer, Dishwasher
Lot features
Level
Elementary school district
Roxbury Central Schools
Middle school district
Roxbury Central Schools
High school district
Roxbury Central Schools
Directions
From Windham, take Route 23 West into Grand Gorge/Roxbury, property is on the left #36422, see sign for Sundae's Restaurant.
Subdivision
Grand Gorge
Standard status
Active
APN
91.2-9-5
Size
2,472 SF
Lot size
0.75 Acres
Taxes and HOA fees
Tax Annual Amount
6973
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Cooling system
Wall Unit(s)
Water source
Public
Amenities
security system
Building Details
Year built
2014
Floors in Building
1
Building materials
Brick, Frame, Metal Siding
Roof type
Shingle, Asphalt
Listing Agency:
RVW Select Properties
(518) 943-5303
Listed By:
Theodore Banta III · License #10311209842
(518) 466-1219
Added: Aug 19, 2024
Changed: Aug 19
Last Checked: Oct 5 at 3:06AM
MLS# 154054
Copyright © 2026 Hudson Valley Catskill Region MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This restaurant property combines indoor dining with seasonal outdoor seating beneath a large pavilion. The 0.75-acre site includes a 2,472-square-foot building, commercial kitchen, ice cream station, security system, current inventory, and operating equipment. The facility was built in 2014 and includes two bathrooms, hot-water heating, wall-unit cooling, brick, frame, and metal-siding construction, plus shingle and asphalt roofing.
Located at 36422 State Highway 23 in Roxbury, the property has two driveways, on-site parking, signage, public water, and public sewer. The business, Sundaes Restaurant & Tasty Freeze, serves steak, burgers, pizza, and ice cream. EV charging stations have been approved, with half of the installation cost to be paid by NYSEG. The property is positioned 20 minutes from Windham Ski Mountain and 30 minutes from Belleayre and Plattekill Ski Mountains.
Located at 36422 State Highway 23 in Roxbury, the property has two driveways, on-site parking, signage, public water, and public sewer. The business, Sundaes Restaurant & Tasty Freeze, serves steak, burgers, pizza, and ice cream. EV charging stations have been approved, with half of the installation cost to be paid by NYSEG. The property is positioned 20 minutes from Windham Ski Mountain and 30 minutes from Belleayre and Plattekill Ski Mountains.
Key Highlights
- 0.75‑acre restaurant property at 36422 State Highway 23, Roxbury, NY 12434
- 2,472‑square‑foot building constructed in 2014
- Indoor dining plus outdoor seating under a large pavilion
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
$38,364
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
6.45%
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%
$767,280
$767.3K
Cap Rate 7%
$548,057
$548.1K
Cap Rate 9%
$426,267
$426.3K
Market Conditions
NOI Build-Up for 2,472 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
$53.4K $21.60/SF
− Vacancy
−$2.2K −$0.91/SF
EGI
$51.2K $20.69/SF
− OpEx
−$12.8K −$5.17/SF
NOI
$38.4K $15.52/SF
Area
Delaware County, NY
Vacancy
4.20%
Lease Rate
$21.60 /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%
$767,280
Cap Rate 7%
$548,057
Cap Rate 9%
$426,267
Alternative Uses
Best Use
Specialty Retail
$548.1K
$479.6K – $639.4K
NOI $38,364 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,898 @ 7.0% cap · market cap 14.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
25
Businesses Nearby
Explore this area
Business Placement
Demographics for 12434, NY
622
Population
550
Households
1.1
Avg Household Size
52
Median Age
15%
College-Educated
93%
High-School Grad
10.9 sq mi
ZIP Area
57
Density / Sq Mi
$48,558
Median Household Income
$55,366
Median Earnings
$920
Median Rent
$167,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established restaurant operation includes a commercial kitchen, ice cream service area, pavilion, signage, and public utilities.
Where is this conventional restaurant located?
The property is located at 36422 State Highway 23 Roxbury, NY.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 0.75‑acre restaurant property at 36422 State Highway 23, Roxbury, NY 12434; 2,472‑square‑foot building constructed in 2014; Indoor dining plus outdoor seating under a large pavilion
