24-Unit Cottage-Style
For Sale
$4,900,000
6126 Buck Springs Road, Pinetop, AZ 85935
Commercial Sale, Pinetop, AZ
Property Size18,125 SF
Lot Size19.77 Acres
Price / SF$270.34
Days on Market19
Property Features for 6126 Buck Springs Road
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Pinetop Unsub
Lot features
Wooded, Tall Pines On Lot, Landscaped
Directions
Take Buck Springs East from White Mountain Blvd. Past the fire station to property on left.
Standard status
Active
APN
411-40-018
Size
18,125 SF
Lot size
19.77 Acres
Taxes and HOA fees
Tax Description
SECTIONS 2 & 11,T8N,R23E: BEG NW COR SEC 11;TH N89DG53'30 E 2325'TH N0DG50'46 E 35.91'TPOB;TH N0DG50'46 E 875.98'; TH S85DG12'7 W741.05';TH S43DG45'48 W 247.83'; TH S46DG14'12 E 93.91';TH 207.04' ALG CURVE RT (R-550.48'); TH S24DG41'14 E 369.57';TH 196.63' ALG CURVE LEFT (R-1577.66'); TH S31DG49'41 E 123.41';TH 205.18' ALG CURVE RT (R-825.51'); TH S17DG35'13 E 169.18';TH 80.65'ALG CURVE LEFT (R-1554.99'); TH S82DG26'3 E 226.03';TH S77DG17'53 E 50';TH N12DG42'7 E 150';TH N77DEG17'53 W 50';TH N9DG25'53 E 135.29';TH 96.45' ALG CURVE;TH N32DG24'36 W 192.69';TH N84DG45'16 E 35';TH N12DG42'7 E 200';TH N77DG17'53 W 76.75'TPOB LESS 50' X 50' TORESORCO
Tax Annual Amount
23873
Legal Description
SECTIONS 2 & 11,T8N,R23E: BEG NW COR SEC 11;TH N89DG53'30 E 2325'TH N0DG50'46 E 35.91'TPOB;TH N0DG50'46 E 875.98'; TH S85DG12'7 W741.05';TH S43DG45'48 W 247.83'; TH S46DG14'12 E 93.91';TH 207.04' ALG CURVE RT (R-550.48'); TH S24DG41'14 E 369.57';TH 196.63' ALG CURVE LEFT (R-1577.66'); TH S31DG49'41 E 123.41';TH 205.18' ALG CURVE RT (R-825.51'); TH S17DG35'13 E 169.18';TH 80.65'ALG CURVE LEFT (R-1554.99'); TH S82DG26'3 E 226.03';TH S77DG17'53 E 50';TH N12DG42'7 E 150';TH N77DEG17'53 W 50';TH N9DG25'53 E 135.29';TH 96.45' ALG CURVE;TH N32DG24'36 W 192.69';TH N84DG45'16 E 35';TH N12DG42'7 E 200';TH N77DG17'53 W 76.75'TPOB LESS 50' X 50' TORESORCO
Utilities
Heating system
Electric (Heating)
Building Details
Year built
1998
Additional Structures
Other
Listing Agency:
Realty Executives Arizona Territory - Pinetop
(928) 367-6400
Listed By:
Steve Pansulla · License #BR513419000
(928) 242-4114
Added: Sep 8
Changed: Sep 24
Last Checked: Sep 26 at 2:06AM
MLS# 263073
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 resort property spans 19.77 acres and includes a 24-unit lodging component on approximately 2.4 acres. The mix comprises twenty one-bedroom cottages and four three-bedroom townhouses, plus separate manager quarters. Kitchens are provided in every guest unit. Remodeling is underway, and the units are not ready for immediate rental. Public utilities are available to the property.
The site is heavily wooded and situated between two established country clubs in Pinetop. Buck Springs Resort has served as a vacation destination since the mid-1970s.
The site is heavily wooded and situated between two established country clubs in Pinetop. Buck Springs Resort has served as a vacation destination since the mid-1970s.
Key Highlights
- 19.77‑acre property with a resort occupying approximately 2.4 acres
- 24 units: twenty 1BR cottages and four 3BR townhouses
- Separate manager quarters; kitchens in every guest unit
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
$180,512
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
3.68%
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%
$3,610,240
$3.6M
Cap Rate 7%
$2,578,743
$2.6M
Cap Rate 9%
$2,005,689
$2.0M
Market Conditions
NOI Build-Up for 18,125 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
$526.4K $29.04/SF
− Vacancy
−$146.3K −$8.07/SF
EGI
$380.0K $20.97/SF
− OpEx
−$199.5K −$11.01/SF
NOI
$180.5K $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%
$3,610,240
Cap Rate 7%
$2,578,743
Cap Rate 9%
$2,005,689
Alternative Uses
Best Use
Hotel Hospitality
$2.58M
$2.26M – $3.01M
NOI $180,512 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.93M
$4.31M – $5.75M
NOI $344,778 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 85935, AZ
3,945
Population
5,596
Households
0.7
Avg Household Size
53
Median Age
46%
College-Educated
98%
High-School Grad
45.2 sq mi
ZIP Area
87
Density / Sq Mi
$64,934
Median Household Income
$31,824
Median Earnings
$905
Median Rent
$381,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Resort - The lodging mix includes one- and three-bedroom accommodations, each equipped with a kitchen.
Where is this resort located?
The property is located at 6126 Buck Springs Road Pinetop, AZ.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 19.77‑acre property with a resort occupying approximately 2.4 acres; 24 units: twenty 1BR cottages and four 3BR townhouses; Separate manager quarters; kitchens in every guest unit
