
501 & 504 Lake Avenue, Fairmont, MN 56031
Marina Add · Martin County
Key Facts
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.
Property Information
Property Type
Commercial Sale
Year Built
1987
Stories
2
Lot Size
0.36 acres
Lot Dimensions
145X170
MLS® Listing#
7045816
Property Features
- Interior:
- Elevator, Vaulted Ceiling(s), Wet Bar
- Exterior:
- Dock
- Appliances:
- Oven, Cooktop, Dishwasher, Disposal, Exhaust Fan, Freezer, Microwave, Range, Refrigerator, Wine Cooler
- Cooling:
- Ceiling Fan(s), Central Air
- Heating:
- Natural Gas, Forced Air, Zoned
- Flooring:
- Carpet
- Basement:
- None
- Parking:
- Concrete, Shared Driveway, Off Site, Parking Lot, Guest, Driveway
- Patio:
- Deck, Patio, Terrace
- Fencing:
- Partial
- Lot Features:
- Level, Waterfront
- Construction:
- Metal Siding, Block, Concrete, Frame, Steel Siding
- Foundation:
- None
- Roof:
- Asphalt
- Windows:
- Blinds
- Security:
- Security System
- Sewer:
- Public Sewer
- Water Source:
- Public
Schools
- District:
- 2752 - Fairmont Area Schools
HOA & Tax
- Annual Tax:
- $9,821 (2025)
- Parcel #:
- 233350010
Directions
Take State st to E 4th St take a right on Lake Ave, one block on the west side of the street
Affordability Calculator
$150,000
Estimated monthly payment
$3,992/mo
Principal $600,000 · Est. interest $837,053 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Fairmont, MN
- $238,636
- Median Listing Price
- 102
- Median Days on Market
- 1,896
- Median Sq Ft
- $120
- Median Price / Sq Ft
- 113
- Active Listings
- This home’s price is 214% above the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Fairmont, MN.
Location
- 501 & 504 Lake Avenue, Fairmont, MN 56031
Nearby Schools
Southern Plains Area Learning
Elementary · 0.7 mi away
St Paul's Lutheran School
School · 0.8 mi away
Fairmont Elementary School
Elementary · 1.0 mi away
Fairmont Area Schools, District 2752
School · 1.0 mi away
St. John Vianney Catholic Church
School · 1.1 mi away
Fairmont Junior Senior High School
Secondary · 1.7 mi away
St James Lutheran Church
School · 5.8 mi away
Martin Luther High School
Secondary · 5.9 mi away
Granada Huntley East Chain School
Secondary · 6.8 mi away
Truman Public Schools
Elementary · 11.8 mi away
St Paul Lutheran School
School · 12.2 mi away
St. Paul's Lutheran Church and School - Truman, MN
School · 12.3 mi away
Sherburn Elementary
Elementary · 12.9 mi away
Martin County West Junior/Senior High
Secondary · 12.9 mi away
Trimont Elementary
Elementary · 14.5 mi away
Martin County West Junior High
Elementary · 14.5 mi away
Genesis Classical Academy
School · 16.4 mi away
Winnebago Elementary
Elementary · 17.1 mi away
Blue Earth Elementary
Elementary · 18.6 mi away
Blue Earth Area Middle School
Secondary · 18.6 mi away
Commute Calculator
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EXIT Agents in Fairmont
Listing Courtesy: RE/MAX TOTAL REALTY - 5072355666
Licensed in the state of Minnesota
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