Williams and Hall Outfitters Lists for $1.8M After 60 Years on Moose Lake Near Ely, Minnesota
A legendary Minnesota canoe outfitter near Ely just hit the market for $1.8M. Here is what the deal includes and why it matters for Minnesota real estate.
A Minnesota Institution Hits the Market
Williams and Hall Outfitters, one of the most recognized canoe outfitters serving the Boundary Waters Canoe Area Wilderness, is listed for $1.8 million. The property sits on the shores of Moose Lake near Ely at 14694 Vosburgh Road and has been in continuous operation for roughly 60 years. The listing is held by Frank Jermusek and Emilia Molle of SVN Northco Real Estate Advisors, a commercial real estate firm based in St. Louis Park.
Blayne Hall has co-owned the outfitter for more than 30 years with his wife Charlene and business partner Kevin Lynch. Hall originally worked as a real estate developer in Chicago before acquiring the business from the Williams family in the early 1990s. "This will be our 33rd summer," Hall said. "We're getting older, and this is a tough game on the outfitting side. We decided it was time to pass the baton."
What the $1.8M Asking Price Actually Includes
The total offering is divided into two parts. The business property is listed at $1.2 million and carries a 15% cap rate, with annual net operating income of approximately $180,000. The owners' home on the same parcel is listed separately at $600,000.
The full 3.45-acre lakefront property includes roughly 500 feet of shoreline on Moose Lake, a main lodge, a full-service dining room, and a fully stocked outfitter facility with canoe rentals and camping gear for wilderness trips. The lodge can sleep up to 120 guests. The business operates seasonally from mid-May through early October, and approximately two acres on the property are designated for future development.
Strong Revenue and Room to Grow
Financial performance at Williams and Hall has remained strong well beyond the pandemic-era outdoor recreation surge. Hall confirmed that revenues in 2022, 2023, and 2024 ran approximately 30% above pre-pandemic levels, a signal that demand for Boundary Waters access has not pulled back.
Hall also pointed to expansion potential in winter programming, naming dog sledding, skiing, snowshoeing, and ice fishing as areas where the operation could grow. The roughly two acres of undeveloped land could support additional guest infrastructure for year-round revenue.
What This Means for Minnesota Real Estate
Deals like this one are a useful reminder that Minnesota real estate extends well beyond the metro. The state's outdoor recreation economy is built on real property, and that property carries measurable, trackable value. A 15% cap rate on a lakefront outfitter in northern Minnesota is a different category than a single-family home in Woodbury or Stillwater, but the underlying principles are the same. Location, consistent demand, and income performance drive the number.
Legacy commercial properties at this price point and with this kind of operating history rarely come to market. For buyers exploring lifestyle business investments in Minnesota, this is a rare window. For anyone tracking how outdoor recreation shapes real estate values across the state, this deal is worth following.
Thinking about buying or selling in the Twin Cities? Let's talk. Text Darin Bjerknes at 612-702-5126 or DM on Instagram @darintheminnesotan.
