Ely, MN 55731

$219,000
Property Type: Commercial Bedrooms: 2 Baths: 4 Square Footage: 2,994 Lot Size (sq. ft.): 6,098 Status: Active
Current Price: $219,000 List Date: 9/10/2025 Last Modified: 7/19/2026

Overview

Description

Strategic Commercial + Income Property on Sheridan Street, Ely – Exceptional Traffic & Dual Rental Potential. 3,000+ sq ft commercial building available for the first time. Plenty of off-street parking as well! Located on Ely’s principal business corridor it features four large display windows, making it an ideal space for showcasing merchandise. Surrounded by shops, outfitters, galleries, and eateries—this property taps into both local residents and transient recreation customers. Dual Income Streams: Property includes two rentable 1-bedroom apartments, generating extra income alongside commercial use. The retail space easily divides into two separate units—ideal for multiple tenants or increased rental turnover. Traffic Exposure: Sheridan Street boasts approximately 7,700 vehicles per day, driven by Ely’s strong tourism traffic—including visitors en route to the Boundary Waters Canoe Area Wilderness, state parks, resorts, and outdoor recreation destinations. Ely is a To ...

Listing Details MLS# 6785343

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Other Parking Spaces
4
Owner Occupied
No
Waterfront YN
No
Year Built
1910
Yearly/Seasonal
Yearly
Zoning
Business/Commercial
Foundation Size
2994
Power Company
City of Ely
For Sale or Lease
For Sale
Acres
0.14
Lot Dimensions
126.00 x 51.00
Assessment Pending
Yes
Garage Stalls
0

Property Features

Accessible: None Air Conditioning: Central Air Basement: Full CMU Style: Apartments and Retail Construction Status: Previously Owned Current Use: Other; Retail Exterior: Wood Foundation: Combination Fuel: Oil Heating: Forced Air Loan Terms: Cash; Conventional Location Description: Downtown; Other/See Remarks On Site Utilities: Heating Separate; Hot Water Separate Parking Characteristics: Parking Lot; Unassigned; Other Road Frontage: City Street Road Responsibility: Public Maintained Road Roof: Flat Sewer: City Sewer/Connected Stories: Three Or More Water: City Water/Connected

Contract Information

Contingency
None
ListPrice
219000
Owner is an Agent?
No
Auction?
No

Location Tax and Other Information

Postal City
Ely
County
St. Louis
State
MN
Zip Code
55731
Complex/Dev/Subdivision
Ely

Assessments

Assessment Balance
240
Tax With Assessments
4534

Basement

Foundation Dimensions
22.6x22,10x12,10x22
Full
Yes

More Information

Building Information

Building Finished SqFt
3000
Building SqFt
2994
Ceiling Height
8-10

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

Homestead
No

Ownership

Fractional Ownership
No

Public Survey Info

Range#
13
Section#
Yes
Township#
62

Sale Options

Sale Includes
Building

Unit 1

Unit Number
Yes
Half Baths
Yes
Total Bathrooms
Yes
Total Rooms
3
Level
Main Level
Unit Total SqFt
1300
Leased?
No
No. of 1 Bedroom Units
2

Unit 2

Leased?
No
Level
2nd Level
Total Rooms
2
Unit Number
2
Unit Total SqFt
504

Unit 3

Full Baths
Yes
Leased?
No
Level
2nd Level
Three-Quarter Baths
Yes
Total Bathrooms
2
Total Bedrooms
Yes
Total Rooms
3
Unit Number
3
Unit Total SqFt
347

Unit 4

Half Baths
Yes
Leased?
No
Level
2nd Level
Total Bathrooms
Yes
Total Bedrooms
Yes
Total Rooms
3
Unit Number
4
Unit Total SqFt
370

Unit Details

Total Units
4

Office/Member Info

Association
SPAAR

Location, Tax and Other Information

Legal Description
ALL LOTS 5 & 6 & WLY 1.40 FT OF LOT 7
Listing City
Ely
Map Page
999
Municipality
Ely
School District
Ely
School District Phone
218-365-6166
Zip Plus 4
5405
Property ID Number
030001001100
Tax Year
2025
Tax Amount
4294
In Foreclosure?
No
Potential Short Sale?
No
Lender Owned?
No

Directions & Remarks

Public Remarks
Strategic Commercial + Income Property on Sheridan Street, Ely – Exceptional Traffic & Dual Rental Potential. 3,000+ sq ft commercial building available for the first time. Plenty of off-street parking as well! Located on Ely’s principal business corridor it features four large display windows, making it an ideal space for showcasing merchandise. Surrounded by shops, outfitters, galleries, and eateries—this property taps into both local residents and transient recreation customers. Dual Income Streams: Property includes two rentable 1-bedroom apartments, generating extra income alongside commercial use. The retail space easily divides into two separate units—ideal for multiple tenants or increased rental turnover. Traffic Exposure: Sheridan Street boasts approximately 7,700 vehicles per day, driven by Ely’s strong tourism traffic—including visitors en route to the Boundary Waters Canoe Area Wilderness, state parks, resorts, and outdoor recreation destinations. Ely is a Tourism Magnet
Directions
Sheridan Street to Address

Accessible

None
Yes

Air Conditioning

Central Air
Yes

Construction Status

Previously Owned
Yes

Exterior

Wood
Yes

Foundation

Combination
Yes

Fuel

Oil
Yes

Heating

Forced Air
Yes

Parking Characteristics

Parking Lot
Yes
Unassigned
Yes
Other
Yes

Road Frontage

City Street
Yes

Road Responsibility

Public Maintained Road
Yes

Roof

Flat
Yes

Sewer

City Sewer/Connected
Yes

Stories

Three Or More
Yes

Water

City Water/Connected
Yes

On Site Utilities

Heating Separate
Yes
Hot Water Separate
Yes

CMU Style

Apartments and Retail
Yes

Current Use

Other
Yes
Retail
Yes

Loan Terms

Cash
Yes
Conventional
Yes

Location Description

Downtown
Yes
Other/See Remarks
Yes
IDX
Listing Office: Z'Up North Realty, Inc.
Last Updated: July - 19 - 2026
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.
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