501 Lake Ave - Restaurant FOR SALE


Fairmont, MN 56031
$750,000 USD
952-491-1718
501 Lake Ave, Fairmont, MN for Sale
$750,000 USD
Restaurant - FOR SALE
1/32
null | Request Cap Rate

501 Lake Ave
Fairmont, MN 56031


HIGHLIGHTS

  • Recently remodeled in 2021 with updated interiors and outdoor entertainment areas
  • Features two full bars, indoor and outdoor seating, and a covered stage for live music
  • Fully equipped commercial kitchen with walk-in cooler, freezers, and modern appliances
  • Upper-level event space with lake views, deck access, and elevator for accessibility

OVERVIEW

Nice opportunity to own a well-established, turnkey lakefront restaurant/bar on the beautiful Fairmont Chain of Lakes. This remodeled property (2021) offers 142 feet of lakeshore and a new 100-foot dock, allowing guests to conveniently arrive by boat while also providing ample on-site parking for vehicles. The comfortable, fun, lake setting creates an enjoyable experience, combining steady local traffic with seasonal lake visitors. The main level features an inviting bar area with high-top seating, televisions, pull-tab machines, and restrooms, creating the perfect casual atmosphere. The outdoor space is designed to maximize enjoyment during the spring, summer, and fall seasons. Guests can relax with ample seating, take in the views, and enjoy live entertainment from the covered stage, which is equipped with lighting and sufficient electrical capacity. Stainless steel rail seating adds to the functionality and appeal of the outdoor space. The upper level expands the experience with a second full bar, seating for approximately 50 guests, large windows showcasing picturesque lake views, an electric fireplace, and access to an outdoor deck overlooking the guests and music below. This level has both elevator access and indoor/outdoor stairways with a handicap-accessible restroom. It can also be reserved for private events, offering flexibility for additional revenue year-round. During the winter it provides a larger area to continue hosting entertainment. The kitchen, remodeled in 2015, is fully equipped and designed for efficiency, featuring a flat top, fryer, oven, dishwasher, cold prep area, heat lamp station, walk-in cooler, and freezers. Additional income opportunities include fuel sales for boaters and 12 leased boat slips (5 yr lease). All equipment, furnishings, and inventory are included in the sale, making this a true turnkey operation. With its strong reputation, multiple revenue streams, and prime waterfront location, this property presents an exceptional opportunity for an owner-operator or investor to step into a thriving business.

FOR SALE DETAILS

PRICE

$750,000 USD

PRICE/SF

$341 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

ADD'L SUBTYPES

Bar

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2006

SPRINKLERS

-

PARKING SPACES

65

LAND DETAILS

LAND ACRES

0.5 AC

LAND SF

21,780 SF

ZONING

Commercial

APN/PARCEL ID

233350010

ASK ABOUT THIS PROPERTY

Jackie JersakRe/max Total RealtyMore Info
952-491-1718

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Jackie JersakRe/max Total RealtyMore Info
952-491-1718

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.