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Israel Moe Acquires Historic Chase On The Lake Resort In Leech Lake Area For $5.7M

Property Image
SOLD
$5,700,000

Minnesota

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Hotel
Sold 05/31/2023
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Property Image
SOLD

Israel Moe Acquires Historic Chase On The Lake Resort In Leech Lake Area For $5.7M

502 Cleveland Boulevard West Walker, Minnesota 56484, USA

See Similar Deals
Hotel
Sold 05/31/2023
the dealplayerscompscontact
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Summary

MINNESOTA
Asset Type:Hotel
Transaction Type:Sale

Local business owner Israel Moe has purchased the historic Chase on the Lake resort in Minnesota's Leech Lake area, along with two adjacent properties, for a total of $5.7 million. The property includes a hotel, condos, a restaurant, marina, and event center. The resort will be updated by Moe to enhance its appeal to both residents and tourists.

Summary of transaction details

  • Property Type: Hotel & Land
  • Transaction Amount: $5,700,000
  • Address: 502 Cleveland Blvd. W. - Chase on the Lake, 500 Cleveland Blvd. W., 310 Fifth St. N, 104 Fifth St. N. & 501 Front St. W.
  • Market: Walker, Minnesota

Israel Moe, a local business owner, is the buyer of the properties. The seller is Rialto Capital. Moe plans to update the resort to improve its attractiveness to both residents and tourists, making it a popular destination in the Leech Lake area.

Players

Rialto Capital
Rialto Capital
SELLER
Rialto Capital Management
Rialto Capital Management
LENDER
Rialto Capital
Rialto Capital
LENDER

Details

SOLD
IMAGE: 05/31/2023 ADDRESS: 502 Cleveland Blvd. W. - Chase on the Lake, 500 Cleveland Blvd. W., 310 Fifth St. N, 104 Fifth St. N. & 501 Front St. W. MARKET: Walker, Minnesota ASSET TYPE: Hotel & Land BUYER: Israel Moe SELLER: Rialto Capital SALE PRICE: $5,700,000 NOTE: Local business owner Israel Moe has purchased the historic Chase on the Lake resort in Minnesota's Leech Lake area, along with two adjacent properties, for a total of $5.7 million. Moe plans to update the resort, which offers hotel rooms, condos, a restaurant, marina, and event center, to enhance its appeal to residents and tourists.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$304,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$20,250.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$27,020.91
Annual Debt Service$324,250.90