Date
Details
Price
Change
Source
3/30/2026
Listed
$750,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
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Property Description
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.
Full Property Details
Full Property Details for 501 & 504 Lake Ave
General
- Price: $750,000
- Taxes: $9,821 (2025)
- Status: Active
- Type: Commercial
- Source: NorthStarMLS_RMLS
- MLS ID: 7045816
- Updated: 3/30/2026
- Added to Site: 2 day(s) ago
Interior
- Appliances: Cooktop, Dishwasher, Disposal, Exhaust Fan, Freezer, Microwave, Range, Refrigerator, Wall Oven, Wine Cooler
- Flooring: Carpet, Floor Drains
Additional Information
- Amenities: Ceiling Fan(s), Deck, Dock, Panoramic View, Security System, Boat Slip, Vaulted Ceiling(s), Wet Bar, Walk-Up Attic
Exterior
- Porch/Patio/Deck: Deck, Patio, Terrace
Parking
- Parking Features: Concrete, Shared Driveway, Guest Parking, Off Site, Parking Lot
Location
- County: Martin
- Township: Fairmont
- Subdivision: Marina Add
- Driving Directions: Take State st to E 4th St take a right on Lake Ave, one block on the west side of the street
School Information
- School District: 1239 - Fairmont Area Schools
- High School District: Fairmont Area Schools
Heating & Cooling
- Central air: Yes
- Cooling Type: Central Air
- Heating Type: Forced Air, Zoned
- Heating Fuel: Natural Gas
Utilities
- Sewer: City Sewer Connected
- Water: City Water (Connected)
- Utility Description: Electric Common, Heating Common, Hot Water Common
Structural Information
- Exterior Const.: Block, Concrete, Frame, Steel Siding
- Foundation Size: 900
- Roof: Age 8 Years or Less, Asphalt, Pitched
- Ceiling Height: 16-20
- Disability Access: Doors 36"+, Accessible Elevator Installed, Grab Bars In Bathroom, Partially Wheelchair, Wheelchair Ramp(s)
- Current Bldg. Use: Event Space, Food Service, Restaurant, Bar/Tavern
- Year Built: 1987
Lot Features
- Lot Size (Acres): 0.359
- Lot Dimensions: 145 x 170
- Frontage: City Street, Curbs, Paved Streets, Sidewalks, Street Lights
- Zoning: Business/Commercial
- Fencing (Description): Partial
Water Features
- Water Front Desc.: Dock, Lakefront, Lake View
- Water Front Feet: 143
- Water Front Elev.: 4-10
- Lake Front: Yes
- Lake Bottom: Sand, Weeds
Financial Considerations
- Tax Amount: $9,821
- Tax Year: 2025
- Terms: Contract for Deed, Conventional, Cash
Disclosures and Reports
- Legal Description: MARINA ADDN LOT-001 BLOCK-001 ORIGINAL ALL OF GL 1 & BLK 36 S OF RR & N OF HWY #16
- Inclusions: Building, Inventory, Land
- Property ID: 233350010
Listed by Re/Max Total Realty
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Schools
Schools serving 501 & 504 Lake Ave
School District:Fairmont Area School District
| Name | Grades | Distance |
|---|---|---|
Fairmont Elementary School 714 Victoria Street, Fairmont, MN 56031 | PK-6 | 1.1 mi |
Fairmont High School 900 Johnson Street, Fairmont, MN 56031 | 7-12 | 1.7 mi |
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 501 & 504 Lake Ave
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Listed by Heartland Real Estate Services LLC
501 & 504 Lake Avenue, Fairmont, MN 56031 (MLS# 7045816) is a Commercial property. 501 & 504 Lake Avenue is currently listed for $750,000 and was received on March 30, 2026. Want to learn more about 501 & 504 Lake Avenue? Do you have questions about finding other Commercial real estate for sale in Fairmont? You can browse all Fairmont real estate or contact a Coldwell Banker agent to request more information.