501 & 504 Lake Avenue, Fairmont, MN 56031

$750,000
Property Type: Commercial Lot Size (sq. ft.): 15,246 Status: Active
Current Price: $750,000 List Date: 3/30/2026 Last Modified: 4/08/2026

Overview

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.

Listing Details MLS# 7045816

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Other Parking Spaces
2
Owner Occupied
No
Road Btwn WF & Home?
No
Waterfront Frontage
143
Waterfront Present
Yes
Year Built
1987
Yearly/Seasonal
Yearly
Zoning
Business/Commercial
Foundation Size
900
Lake/Waterfront Name
Sisseton
For Sale or Lease
For Sale
Acres
0.35
Lot Dimensions
145X170
Assessment Pending
Unknown
Garage Stalls
0

Property Features

Accessible: Accessible Elevator Installed; Doors 36"+; Grab Bars In Bathroom; Partially Wheelchair; Wheelchair Ramp Air Conditioning: Central Air Amenities Shared: Boat Slip; Deck; Dock; Patio Amenities Unit: Boat Slip; Ceiling Fan(s); Deck; Dock; Panoramic View; Security System; Vaulted Ceiling(s); Walk-Up Attic; Wet Bar Appliances: Cooktop; Dishwasher; Disposal; Freezer; Microwave; Range; Refrigerator; Wine Cooler Assumable Loan: Not Assumable Basement: None CMU Style: Business Opportunity Commercial Kitchen Appliances: Cookware/Utensils; Dishwasher; Flat Top; Freezer; Fryer; Grill; Oven; Prep Station; Refrigerator; Shelving and Racks; Walk-In Cooler/Freezer; Warming Table Construction Materials: Block; Concrete; Frame Construction Status: Previously Owned Current Use: Event Space; Food Service; Restaurant; Tavern/Lounge Elevation Highpoint to Waterfront Slope: Gradual; Level Exterior: Wood Fencing: Partial Flooring: Carpet; Floor Drains Foundation: None Fuel: Natural Gas Heating: Forced Air; Zoned Lake Details: Sand; Weeds Loan Terms: Cash; Contract for Deed; Conventional Miscellaneous Information: 2+ Lavatories; Alarms; Building Sign; Delivery Door; Exterior Lighting; Gas Pump; Gas Tanks; Kitchen Facilities On Site Utilities: Electric Common; Heating Common; Hot Water Common Parking Characteristics: Parking Lot; Driveway - Shared; Off Site Road Frontage: City Street; Curbs; Paved Streets; Sidewalks; Street Lights Road Responsibility: Public Maintained Road Roof: Age 8 Years or Less; Asphalt Shingles; Pitched Sewer: City Sewer/Connected Stories: Two Topography: Level Wall Description: Finished; Insulated Water: City Water/Connected Waterfront View: Lake; West Window Features: Blinds

Contract Information

Contingency
None
ListPrice
750000
Owner is an Agent?
No
Auction?
No

Location Tax and Other Information

House Number
501 & 504
Street Name
Lake
Street Suffix
Avenue
Postal City
Fairmont
County
Martin
State
MN
Zip Code
56031
Complex/Dev/Subdivision
Marina Add

Assessments

Tax With Assessments
9890
Assessment Balance
0

Basement

Foundation Dimensions
32X28
None
Yes

More Information

Building Information

Building Finished SqFt
2200
Ceiling Height
16-20

Elevation Highpoint to Waterfront Feet

Elevation Highpoint Waterfront Feet
4-10

Lake Details

Lake Acres
138
Lake Depth
19
Sand
Yes
Weeds
Yes

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

Homestead
No
2+ Lavatories
Yes
Alarms
Yes
Building Sign
Yes
Delivery Door
Yes
Exterior Lighting
Yes
Gas Pump
Yes
Gas Tanks
Yes
Kitchen Facilities
Yes

Ownership

Fractional Ownership
No

Sale Options

Sale Includes
Building, Inventory, Land

Unit Details

Total Units
Yes

Office/Member Info

Association
WCAR

Location, Tax and Other Information

Legal Description
MARINA ADDN LOT-001 BLOCK-001 ORIGINAL ALL OF GL 1 & BLK 36 S OF RR & N OF HWY #16
Listing City
Fairmont
Map Page
999
Municipality
Fairmont
School District
Fairmont Area Schools
School District Phone
507-238-4234
DNR Lake ID#
46002500
DNR Lake Classification
General Development
Zip Plus 4
1806
Property ID Number
233350010
Tax Year
2025
Tax Amount
9821
In Foreclosure?
No
Potential Short Sale?
No
Lender Owned?
Not disclosed

Directions & Remarks

Public Remarks
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.
Directions
Take State st to E 4th St take a right on Lake Ave, one block on the west side of the street

Accessible

Accessible Elevator Installed
Yes
Doors 36"+
Yes
Grab Bars In Bathroom
Yes
Partially Wheelchair
Yes
Wheelchair Ramp
Yes

Air Conditioning

Central Air
Yes

Amenities Shared

Boat Slip
Yes
Deck
Yes
Dock
Yes
Patio
Yes

Amenities Unit

Boat Slip
Yes
Ceiling Fan(s)
Yes
Deck
Yes
Dock
Yes
Panoramic View
Yes
Security System
Yes
Vaulted Ceiling(s)
Yes
Walk-Up Attic
Yes
Wet Bar
Yes

Appliances

Cooktop
Yes
Dishwasher
Yes
Disposal
Yes
Freezer
Yes
Microwave
Yes
Range
Yes
Refrigerator
Yes
Wine Cooler
Yes

Assumable Loan

Not Assumable
Yes

Construction Materials

Block
Yes
Concrete
Yes
Frame
Yes

Construction Status

Previously Owned
Yes

Elevation Highpoint to Waterfront Slope

Gradual
Yes
Level
Yes

Exterior

Wood
Yes

Fencing

Partial
Yes

Flooring

Carpet
Yes
Floor Drains
Yes

Foundation

None
Yes

Fuel

Natural Gas
Yes

Heating

Forced Air
Yes
Zoned
Yes

Lake/Waterfront

Dock
Yes
Lake Front
Yes
Lake View
Yes

Parking Characteristics

Parking Lot
Yes
Driveway - Shared
Yes
Off Site
Yes

Patio, Porch and Deck Features

Deck
Yes
Patio
Yes
Terrace
Yes

Road Frontage

City Street
Yes
Curbs
Yes
Paved Streets
Yes
Sidewalks
Yes
Street Lights
Yes

Road Responsibility

Public Maintained Road
Yes

Roof

Age 8 Years or Less
Yes
Asphalt Shingles
Yes
Pitched
Yes

Sewer

City Sewer/Connected
Yes

Stories

Two
Yes

Topography

Level
Yes

Wall Description

Finished
Yes
Insulated
Yes

Water

City Water/Connected
Yes

Waterfront View

Lake
Yes
West
Yes

Window Features

Blinds
Yes

On Site Utilities

Electric Common
Yes
Heating Common
Yes
Hot Water Common
Yes

CMU Style

Business Opportunity
Yes

Commercial Kitchen Appliances

Cookware/Utensils
Yes
Dishwasher
Yes
Flat Top
Yes
Freezer
Yes
Fryer
Yes
Grill
Yes
Oven
Yes
Prep Station
Yes
Refrigerator
Yes
Shelving and Racks
Yes
Walk-In Cooler/Freezer
Yes
Warming Table
Yes

Current Use

Event Space
Yes
Food Service
Yes
Restaurant
Yes
Tavern/Lounge
Yes

Loan Terms

Cash
Yes
Contract for Deed
Yes
Conventional
Yes
Listing Office: RE/MAX TOTAL REALTY
IDX
Last Updated: April - 08 - 2026
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.