Lake Vermilion Resort For Sale | 12% Cap Rate
9422 Hearthside Drive
Tower, MN 55790
Highlights
- Year-round resort located on one of Minnesota's most popular lakes, Lake Vermilion
- 12% cap rate based on 2024 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 ample parking, free docking for boats, power stations on docks for charging, covered boathouse slips available, gas, wifi, access to snowmobile trails in the winter, etc.
Description
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.
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).
