9422 Hearthside Dr, Tower, MN 55790
10 Room Hotel | Tower, MN 55790 | $2,495,000 ($249,500/Room) | 12% Cap Rate
For Sale
Active
Asking Price $2,495,000
- Property Type
-
Hospitality
- Square Feet
- 23,800 SF
Listing Contacts
- Property Info
Property Overview
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, a clean fish house, a safe sand beach, an 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.
The resort offers multiple amenities and activities for guests to enjoy including hunting, fishing, a clean fish house, a safe sand beach, an 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.
Property Details
- Class
- B
- Year Built
- 1920
- Stories
- 2
- Property Subtype
- Hotel
- Lot Size (sq. ft)
- 1,294,168 SF
- Units
- 10
Highlights
- Year-round resort located on one of Minnesota's most popular lakes, Lake Vermilion
- 12% cap rate based on pro forma financials
- 30 acres of land total with ±21.4 acres available for future development included in the sale price
- 10 unique cabins, an owner's/manager's residence and RV sites; sleeping accommodations range from 6 to 15 individuals per cabin
- Amenities include boat rentals, hunting, fishing, clean fish house, safe sand beach, on-site boat launch with parking
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