Goldwater Lake is located just south of downtown Prescott. The trail described here incorporates part of the Prescott Circle trail and other Forest service trails to make a loop of 2.7 miles. Hike going clockwise for about 1.2 miles and you will reach the dam. There is a fence there, so you must return back the way you came.
On the way back you will come to a sign for trail 396, turn right and follow that trail until you came across another trail on the left called Feldmeier #330. This will take you back to the entrance road. Turn left and you will be back at the main parking area.