Renovated Restaurant with Event
For Sale
$1,479,000
348 W White Mountain Boulevard, Lakeside, AZ 85929
COMMERCIAL - Lakeside, AZ
Property Size5,000 SF
Lot Size0.67 Acres
Price / SF$295.80
Days on Market381
Property Features for 348 W White Mountain Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C-1 Light Comm.
Window features
Double Pane Windows
Subdivision
Lakeside Unsub
Lot features
Wooded, Tall Pines On Lot
Directions
On North East side of Hwy 260 across from Pinetop-Lakeside Visitor Center.
Standard status
Active
APN
212-30-014B
Size
5,000 SF
Lot size
0.67 Acres
Taxes and HOA fees
Tax Description
Section 25,T9n,R22e:Beg Sw Cor Ne4 Se4 Section 25; Th N1dg28'50 E885.74';th S39dg17'e 195' M/L Tpob; Th S39dg17'e 149.12';th N47dg55'06 E 128.61'; Th N0dg38'30 E 205.24';th S47dg31'w 260.57' Tpob
Tax Annual Amount
6509
Legal Description
Section 25,T9n,R22e:Beg Sw Cor Ne4 Se4 Section 25; Th N1dg28'50 E885.74';th S39dg17'e 195' M/L Tpob; Th S39dg17'e 149.12';th N47dg55'06 E 128.61'; Th N0dg38'30 E 205.24';th S47dg31'w 260.57' Tpob
Utilities
Heating system
Forced Air, Natural Gas, Wall Furnace
Cooling system
Central Air
Amenities
private event space
office
laundry facilities
storage
walk-in freezers
full-service bar
Building Details
Year built
1980
Roof type
Shingle
Listing Agency:
Frank M. Smith & Associates - Main
(928) 369-4000
Listed By:
Patricia Jones
(928) 368-3184
Added: Aug 6, 2025
Changed: Aug 4
Last Checked: Aug 21 at 3:06PM
MLS# 257405
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.
This 5,000-square-foot restaurant property is offered with the real estate, equipment, fixtures, and furnishings. The interior includes a renovated dining room and a private event and dining area identified as Room 81. Operational support spaces include a modern commercial kitchen, full-service bar, dedicated office, laundry facilities, extensive storage, and two walk-in freezers.
The property occupies 0.67 acres at 348 W White Mountain Boulevard in Lakeside, Arizona, along Highway 260. On-site parking accommodates approximately 35 vehicles. Built in 1980, the building features central air conditioning, forced-air and wall-furnace heating, natural gas service, and a shingle roof. A negotiable Series #6 liquor license is also included as part of the offering.
The property occupies 0.67 acres at 348 W White Mountain Boulevard in Lakeside, Arizona, along Highway 260. On-site parking accommodates approximately 35 vehicles. Built in 1980, the building features central air conditioning, forced-air and wall-furnace heating, natural gas service, and a shingle roof. A negotiable Series #6 liquor license is also included as part of the offering.
Key Highlights
- 5,000‑square‑foot restaurant property on 0.67 acres
- Sale includes real estate, equipment, fixtures, and furnishings
- Private event and dining area known as Room 81
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
$95,111
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
6.43%
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%
$1,902,220
$1.9M
Cap Rate 7%
$1,358,729
$1.4M
Cap Rate 9%
$1,056,789
$1.1M
Market Conditions
NOI Build-Up for 5,000 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
$130.2K $26.04/SF
− Vacancy
−$3.4K −$0.68/SF
EGI
$126.8K $25.36/SF
− OpEx
−$31.7K −$6.34/SF
NOI
$95.1K $19.02/SF
Area
Navajo County, AZ
Vacancy
2.60%
Lease Rate
$26.04 /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%
$1,902,220
Cap Rate 7%
$1,358,729
Cap Rate 9%
$1,056,789
Alternative Uses
Best Use
Specialty Retail
$1.36M
$1.19M – $1.59M
NOI $95,111 @ 7.0% cap · market cap 6.43%
Second Best
Industrial
$650.9K
$569.5K – $759.4K
NOI $45,562 @ 7.0% cap · market cap 3.08%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
238
Businesses Nearby
12k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 100%
Goodwill
Apparel
12,272 visits/mo
0.4 miles
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
Market
Vacancy Rate% for Retail in West 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 - Restaurant property with a commercial kitchen, full-service bar, storage, and dedicated private dining space.
Where is this conventional restaurant located?
The property is located at 348 W White Mountain Boulevard Lakeside, AZ.
What is the asking price?
The asking price for this property is $1,479,000.
What are key features of this property?
This property features: 5,000‑square‑foot restaurant property on 0.67 acres; Sale includes real estate, equipment, fixtures, and furnishings; Private event and dining area known as Room 81
