1127 N Lakeshore Dr

80 photos

Photos, via Realtor.com.

Needs more info before these numbers mean much. No reliable rent estimate: too few comparable rentals close by, and no RentCast estimate.

No rent estimate yet, so the numbers can't be run. Run it yourself in the calculator →

From the listing

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 from Realtor.com, MLS #11816892. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is not a 2–4 unit rental. It is an 11-unit hospitality business (nine guest suites plus two lodge units) priced at $2.325M, and it has sat 117 days. Our rent-based underwriting doesn't apply, so the numbers that matter are trailing-12 revenue, occupancy, and expenses, which are only available to qualified buyers. Photos show a well-kept lakeside lodge, but the lodge-unit interiors look lived-in, owner-style spaces rather than guest-ready ones. Before a showing, get the P&L, tax returns, and the zoning and licensing status, and decide if you want to run a motel or just own the real estate.

Things to consider

Valuation depends on business income A hospitality property is priced on net operating income and its seasonality. Without the P&L you can't tell if $2.325M works.Listing says: “Financial information is available to qualified buyers”
Management intensity Nine guest suites mean daily operations, staff, housekeeping and reviews. Returns come with active work or management fees.Listing says: “Experienced employees familiar with the property and its guests may provide valuable continuity”
Financing and insurance differ Commercial lodging loans usually need bigger down payments and higher rates than residential rentals. Insurance on lakeside log buildings may cost more.
Unverified taxes and parcel records We could not match the address to a county parcel, so taxes, units and lot details are unconfirmed.
Maintenance on log construction Chinking and staining cycles are recurring costs; get the inspection to look for rot, settling and roof leaks.Listing says: “exterior staining and chinking were completed in 2025”
Negotiation room 117 days on market and a high price point can mean a motivated seller.

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

doneExterior staining and chinkingListing says: exterior staining and chinking were completed in 2025
doneComplete interior refurbishment and roofline modificationListing says: a substantial renovation and redevelopment in 2003, including a complete interior refurbishment and modification of the original roofline
doneNew building at 1115 N Lakeshore DriveListing says: the construction of the building located at 1115 N Lakeshore Drive

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

Red flags and opportunities

Watch for

highOperating business, not a standard rental: value depends on hospitality income, not rents. Lender and insurance rules differ. Listing says: an established hospitality property overlooking the breathtaking waters of Lake Pepin · AI review
highNo financials shown publicly. Income claims are unverified. Listing says: Financial information is available to qualified buyers · AI review
mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 1127 LAKESHORE DR N
mediumProperty spans multiple buildings and addresses; confirm parcels, taxes and what is included in the sale. Based on: data: rule_flags · AI review
mediumOlder log construction needs ongoing maintenance of staining and chinking; seasonal demand likely. Listing says: portions of the original improvements date back to 1985 · AI review

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 117 days on market
Owner-occupy one lodge unit and run the rest, or convert to long-term rentals if zoning allows. Listing says: Future ownership may choose to occupy one or both units · AI review
Office space could be leased or converted for extra income. Listing says: Dedicated office space currently utilized by ownership provides opportunities · AI review
117 days on market suggests room to negotiate. Based on: data: listing.days_on_market · AI review

Questions for the agent

Can I see 3 years of P&Ls, tax returns, and monthly occupancy and nightly rates?
How many parcels are included, and what are the annual taxes on each?
What are the lodging, short-term rental and zoning permits, and do they transfer?
Are employees staying, and is the reservation system, website and brand included in the sale?
What were the capital repairs over the last 5 years (roofs, boilers, HVAC, shoreline)?
Why is the owner selling, and have there been price cuts or offers?

Bottom line

This is an 11-unit lakeside motel business at $2.325M, not a small rental, so only audited operating numbers can justify the price. AI-assisted summary

What the records say

Where each number comes from

Price history Realtor.com

On the market since 2026-06-10 (117 days); last sold for $307,000 on 2002-06-14.

Date	Event	Price
2026-06-10	Listed	$2,325,000
2012-03-16	Removed	$300,000
2002-06-14	Sold public record	$307,000
1999-01-29	Sold public record	$225,000
1997-08-11	Listed	$300,000

From the listing Listing

Listed as	multi-unit
County	Goodhue

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Lake City on rental licensing before you buy.