The monastery is adjacent to a cave, near the shore of the lake. It was founded in 1506-07 by the monks brothers, Nektarios and Theofanis Apsaras, descendants of a Byzantine aristocratic family.
The katholikon and the newer cells are the only parts preserved from the monastery complex. The church is single- nave with a narthex to the west. At a later stage, side niches were added on the north and south sides. In 1789 it was frescoed at the expense of the guild of wine merchants. In 1822, during the siege of Ali Pasha by the Sultan's troops, the monastery was partly destroyed.