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Lake Vermilion Resort For Sale | 12% Cap Rate 1089527

Property Overview

Price/Rent PSF $ 2,495,000.00
Asset Type Hospitality
Trade Type Sale
SQ. FT. Available Inquire
Date Available 09/26/2022
Additional URL Link
Building size 23800
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Description

Location
The Property is located on Pike Bay on Lake Vermillion in the heart of Minnesota's Arrowhead Region; a mere 24 miles north of Virginia, MN, 90 miles north of Duluth, and 220 miles north of the Twin Cities Metropolitan Area. Pike Bay is the southernmost bay of Lake Vermilion, and thus is the closest area of the lake to the Twin Cities.



Lake Vermilion is Minnesota's fifth largest lake with over 40,000 acres of water, 365 islands, and over 1,200 miles of pristine shoreline. It was voted by National Geographic as one of the most scenic lakes in the United States, and it is located between the Superior National Forest and Voyageurs National Park, and is the gateway to the Boundary Waters Canoe Area.



Area attractions include Tower Soudan Mine, Ironworld Discovery Center, Fortune Bay Casino, The North American Bear Center, Vince Shute Bear Sanctuary, Vermilion Falls, U.S. Hockey Hall of Fame, International Wolf Center, shopping, dining, hiking, biking, bird watching, golf, snowmobiling, skiing, fishing and hunting.



Distances from larger cities include:



Duluth, MN - 90 miles north of Duluth


Minneapolis/ Saint Paul, MN - 220 miles north of Minneapolis/ Saint Paul


Fargo, ND - 250 miles east of Fargo



Airports in close proximity include, Range Regional Airport (45 miles) and Falls International Airport (85 miles). Nearby International airports include, Duluth International Airport (85 miles) and Minneapolis-Saint Paul International Airport (220 miles).




Sale
SVN | Northco is pleased to present Pike Bay Lodge for sale, located on one of Minnesota's most popular lakes, Lake Vermilion. This unique destination resort is open year-round, has 30 gorgeous acres with 500+ feet of shoreline, and offers a wide variety of lodging accommodations for guests to choose from. The main house was built in 1920 as a summer estate for industrialist A.B. Coates and his family, followed by the log caretaker’s cottage, butler's bungalow, chauffeur’s quarters and vintage boathouse.


The resort offers multiple amenities and activities for guests to enjoy including hunting, fishing, clean fish house, safe sand beach, on-site boat launch with ample parking, free docking for boats, power stations on docks for charging, gas, wifi, covered boathouse slips, access to snowmobile trails in the winter and much more. There are also about ±21.4 acres of development land included in the sale for additional units, tiny homes, glamping, RV sites, amenities, etc.

Location (Click here to view the location on the map.)
The information above is from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.

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