Exceptional opportunity to own Bobber's On The Lake, a well-established Northwoods destination offering a rare combination of waterfront real estate, restaurant/tavern, resort lodging, and future growth potential. Situated on approximately 2.7 acres with 190'+/- of frontage on full recreational Butternut Lake, this property offers excellent visibility, ample parking, and direct access to one of Ashland County's premier recreational lakes. Known for outstanding Musky, Walleye, Bass, Northern Pike and Panfish fishing, Butternut Lake also attracts boaters, vacationers and outdoor enthusiasts throughout the year. The property is conveniently located on ATV and snowmobile routes, creating exceptional four-season traffic. Customers can arrive by boat or vehicle, dock at one of the multiple piers, enjoy waterfront dining on the lakeside patio, and extend their stay in one of the four on-site cabins. The sale includes the real estate and business, along with an extensive inventory of restaurant equipment, furnishings, fixtures, business assets, and all cabin contents for a seamless transition to new ownership. Recent improvements include a new ice machine (2026), pizza prep table, beverage cooler, walk-in cooler compressor, newer docks, and numerous additional equipment updates. Accommodations include four cabins consisting of a 3BR/1BA cabin, a 1BR plus loft/1BA cabin, and two studio cabins with lofts and bathrooms, creating excellent rental income potential. A storage shed and room for future expansion provide additional possibilities, subject to buyer verification. Whether you're looking to continue a successful hospitality business, expand an existing operation, or invest in a unique waterfront property with multiple income streams, this iconic Northwoods destination offers outstanding potential.