Lakefront Fishing
For Sale
$1,900,000
2677 Trout Road, Lakeside, AZ 85929
COMMERCIAL - Lakeside, AZ
Property Size6,388 SF
Lot Size1.18 Acres
Price / SF$297.43
Days on Market54
Property Features for 2677 Trout Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
R-3 w/R-2 uses
Window features
Blinds, Screens, Double Pane Windows, Wood Frames
Patio and Porch features
Patio, Deck
Interior features
Master Downstairs, Vaulted Ceiling(s), Split Bedroom
Exterior features
Rain Gutters, Outdoor Grill
Subdivision
West Lake Park
Lot features
Sprinklers In Front, Wooded, Tall Pines On Lot, Landscaped, Waterfront
Directions
260 to Rainbow Lake drive to Gillespie
Standard status
Active
APN
212-25-017A
Size
6,388 SF
Lot size
1.18 Acres
Taxes and HOA fees
Tax Description
West Lake Park:West 200' Of Lots 1, 2, & 3, Block 4// 1985 Seacliff 24X56 Vin# Gw20calsc8607a&B 811/67-68 // & West Lake Park:Lot 13, Block 6 & Lot 4, Block 4; Also : Comm Nw Cor Lot 1, Th N88D41'11''E 200.57'; Th S02D01'03''E 118.27' Tpob; Th Sly 33.39'; Th N87D09'31''E 133.09'; Th Sly 28.11' Non Tangent Cur (R=25.98'); Th S81D52'38''E 23.04'; Th S07D33'55''W 17.30'; Th S84D04'26''E 30.55'; Th S02D31'48''W 4.95'; Th N84D04'48''W 45.84'; Th S86D53'29''W 176.36'; Th Nly 53.50' Non Tang Curv (R89.85') 52.71'; Th Nesly59.30' Non Tang Cur *(R=46.89') Dist 55.41' Tpob. Also Comm Nw Cor Lot 1, Th N88D41'11''E 200.57';
Tax Annual Amount
5267
Legal Description
West Lake Park:West 200' Of Lots 1, 2, & 3, Block 4// 1985 Seacliff 24X56 Vin# Gw20calsc8607a&B 811/67-68 // & West Lake Park:Lot 13, Block 6 & Lot 4, Block 4; Also : Comm Nw Cor Lot 1, Th N88D41'11''E 200.57'; Th S02D01'03''E 118.27' Tpob; Th Sly 33.39'; Th N87D09'31''E 133.09'; Th Sly 28.11' Non Tangent Cur (R=25.98'); Th S81D52'38''E 23.04'; Th S07D33'55''W 17.30'; Th S84D04'26''E 30.55'; Th S02D31'48''W 4.95'; Th N84D04'48''W 45.84'; Th S86D53'29''W 176.36'; Th Nly 53.50' Non Tang Curv (R89.85') 52.71'; Th Nesly59.30' Non Tang Cur *(R=46.89') Dist 55.41' Tpob. Also Comm Nw Cor Lot 1, Th N88D41'11''E 200.57';
Utilities
Heating system
Natural Gas, Baseboard, Forced Air, Electric (Heating)
Cooling system
Window Unit(s)
Water source
Well
Water front
1
Amenities
lakeside fire pits
outdoor BBQ areas
volleyball court
horseshoe pits
cornhole
frisbee golf
expansive green spaces
Building Details
Year built
1983
Roof type
Metal
Additional Structures
Guest House
Listing Agency:
Advantage Realty Professionals - Lakeside
(928) 368-2040
Listed By:
Liz Engelhart · License #BR558301000
(928) 242-1048
Added: Jun 29
Changed: Aug 4
Last Checked: Aug 21 at 12:06PM
MLS# 261981
Copyright © 2026 White Mountain Association of Realtors. 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.
Lakefront fishing resort established in 1959, with buildings ranging from 1959–1986. The property is designed for guests looking for an outdoor lake experience, with lakefront accommodations and recreational amenities on maintained grounds.
The resort is located directly on Rainbow Lake and includes an on-lake boat rental operation, with a fleet of pontoon boats, canoes, paddle boats, and kayaks conveying with the sale. Guests can fish from the property, and the grounds include lakeside fire pits, outdoor BBQ areas, and recreational features such as a volleyball court, horseshoe pits, cornhole, frisbee golf, and expansive green spaces for gatherings.
The offering is presented as a multi-income opportunity combining lodging and boat rentals, supported by the property’s established rental operation. The property is situated in the Pinetop-Lakeside area near year-round outdoor and local attractions.
The resort is located directly on Rainbow Lake and includes an on-lake boat rental operation, with a fleet of pontoon boats, canoes, paddle boats, and kayaks conveying with the sale. Guests can fish from the property, and the grounds include lakeside fire pits, outdoor BBQ areas, and recreational features such as a volleyball court, horseshoe pits, cornhole, frisbee golf, and expansive green spaces for gatherings.
The offering is presented as a multi-income opportunity combining lodging and boat rentals, supported by the property’s established rental operation. The property is situated in the Pinetop-Lakeside area near year-round outdoor and local attractions.
Key Highlights
- Rainbow's End Fishing Resort directly on Rainbow Lake (APNs 212‑25‑017A & 019A)
- Lakefront boat rentals include pontoon boats, canoes, paddle boats, and kayaks that convey with the sale
- Water source is a well; roof is metal
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
$63,620
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
3.35%
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%
$1,272,400
$1.3M
Cap Rate 7%
$908,857
$908.9K
Cap Rate 9%
$706,889
$706.9K
Market Conditions
NOI Build-Up for 6,388 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
$185.5K $29.04/SF
− Vacancy
−$51.6K −$8.07/SF
EGI
$133.9K $20.97/SF
− OpEx
−$70.3K −$11.01/SF
NOI
$63.6K $9.96/SF
Area
Navajo County, AZ
Vacancy
27.80%
Lease Rate
$29.04 /SF/Yr
Expense Ratio
52.50%
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%
$1,272,400
Cap Rate 7%
$908,857
Cap Rate 9%
$706,889
Alternative Uses
Best Use
Hotel Hospitality
$908.9K
$795.3K – $1.06M
NOI $63,620 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.74M
$1.52M – $2.03M
NOI $121,514 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Explore this area
Business Placement
Demographics for 85929, AZ
8,040
Population
5,089
Households
1.6
Avg Household Size
51
Median Age
23%
College-Educated
88%
High-School Grad
34.1 sq mi
ZIP Area
236
Density / Sq Mi
$56,837
Median Household Income
$36,535
Median Earnings
$1,117
Median Rent
$250,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Resort - Lakefront resort offering on-site lodging and recreational boating with a fleet conveying with the sale.
Where is this resort located?
The property is located at 2677 Trout Road Lakeside, AZ.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Rainbow's End Fishing Resort directly on Rainbow Lake (APNs 212‑25‑017A & 019A); Lakefront boat rentals include pontoon boats, canoes, paddle boats, and kayaks that convey with the sale; Water source is a well; roof is metal
