$2,325,000
1127 N Lakeshore DrLake City, MN 55041
Multifamily property · MLS 11816892 · Listed 146 days ago (Jun 10, 2026)
Active: Listed and available according to the MyStateMLS feed.
About this property
High Point Land Company is proud to present Alaska Guest Suites, a rare opportunity to acquire an established hospitality property overlooking the breathtaking waters of Lake Pepin in Lake City, Minnesota. Situated along the highly traveled Highway 61 corridor, this income-producing property offers a unique combination of immediate cash flow, operational flexibility, and long-term real estate value in one of the Upper Midwest's most sought-after waterfront destinations. Set on approximately 0.71 acres, Alaska Guest Suites features nine guest suites and two spacious lodge-style units, all offering panoramic views of Lake Pepin. The larger lodge-style units provide exceptional flexibility for owner occupancy, manager housing, extended-stay guests, family gatherings, fishing groups, wedding parties, corporate retreats, or premium vacation rentals. Future ownership may choose to occupy one or both units or maximize revenue potential by operating all accommodations as short-term rentals. Municipal water and sewer services, ample parking, strong Highway 61 visibility, and established infrastructure create a turnkey opportunity for buyers seeking an existing hospitality operation with room for future growth. Lake City has long been recognized as one of the Midwest's premier waterfront destinations, attracting visitors from Minnesota, Wisconsin, Iowa, and beyond. Positioned along the shores of Lake Pepin, the community draws guests throughout the year for boating, sailing, fishing, golfing, hiking, scenic drives, weddings, family gatherings, and countless recreational opportunities throughout the Mississippi River Valley. Often recognized as the birthplace of water skiing, Lake City continues to attract outdoor enthusiasts, vacationers, and weekend travelers seeking the unmatched beauty and recreation found along the Mississippi River. The property's location places it within convenient driving distance of Rochester, Red Wing, and the Twin Cities metropolitan area, allowing it to benefit from a substantial population base seeking weekend escapes and extended stays in one of the region's most scenic settings. The property reflects decades of thoughtful investment and stewardship. While portions of the original improvements date back to 1985, ownership completed a substantial renovation and redevelopment in 2003, including a complete interior refurbishment and modification of the original roofline. The property's continued evolution was further enhanced in 2008 with the construction of the building located at 1115 N Lakeshore Drive, which expanded the operation with entirely new improvements. Most recently, exterior staining and chinking were completed in 2025, demonstrating the owners' ongoing commitment to maintaining and enhancing the guest experience. Financial information is available to qualified buyers, providing the opportunity to evaluate an established hospitality business with immediate income potential. The existing layout, lodging mix, and guest infrastructure allow a new owner to step into a functioning operation while preserving the character and guest experience that have contributed to the property's strong reputation over the years. Experienced employees familiar with the property and its guests may provide valuable continuity during a transition, creating an attractive opportunity for both owner-operators and investors. Beyond the existing lodging operation, Alaska Guest Suites offers a level of flexibility rarely found in comparable hospitality properties. Dedicated office space currently utilized by ownership provides opportunities for future management offices, guest services, administrative operations, storage, or potential lease income. This additional space allows future owners to adapt the property to meet evolving operational needs while creating opportunities for supplemental revenue streams. While the current operation provides immediate income potential, the long-term appeal of this offering lies ...
Description provided by the listing brokerage.
Key facts
- Asking price
- $2,325,000
- Status
- For sale
- Property type
- MultifamilyFrom the MLS property class
- Building area
- 8,200 SFSource field AboveGradeFinishedArea
- Land area
- 0.71 acresSource field LotSizeAcres
- Year built
- 1985
- MLS number
- 11816892
Facts are reported by the listing brokerage. Items not listed were not provided; that does not mean the property lacks them or that they are zero.
Price
- Asking price
- $2,325,000
- Price per SF of building
- $284/SFAsking price ÷ 8,200 SF reported building area
Building and site
- County
- Goodhue County
Reported features
- Parking reported (from the description)“…pal water and sewer services, ample parking, strong highway 61 visibility…”
A mention is not a specification. Confirm power, clear height, doors, parking and code compliance for your use with the listing representative and your own advisers.
Location
The pin is the listing's reported coordinates and may be approximate. It is not a parcel boundary or survey and says nothing about access rights, easements or flood zones. See more listings in Lake City or multifamily property in Lake City.
Why this listing is on Commercial Only
- Multi-unit income property class. (PropertyTypeDetail: multi-unit)
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Price and status history
Changes observed by Commercial Only in MyStateMLS data since Nov 3, 2026. This is not a public-record sales or lease history.
Guides
Listing courtesy of High Point Land Company, LLC. Listing agent: Trevor Glomski. Listings provided by MyStateMLS.
Listing last modified at the source Jul 29, 2026, 3:20 PM UTC. Commercial Only last confirmed MyStateMLS data Nov 3, 2026, 10:31 PM UTC. Information is deemed reliable but not guaranteed; verify all details with the listing representative.