For Sale: Ely MLS# 6785343
Active
$285,000
Commercial: Apartments/Retail
Built 1910
0.15 acres
Ely schools
MLS# 6785343
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Property 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 Tourism Magnet
Listing
Listing Status:
Active
Contingency:
None
List Price:
$285,000
Property Type:
Commercial
City:
Ely
Garage Spaces:
0
County:
St. Louis
Year Built:
1910
State:
MN
Property Style:
Apartments/Retail
Zip Code:
55731
Subdivision Name:
Ely
Interior
Ceiling Height:
8-10
Basement Details:
Full
Exterior
Stories:
Three Or More
Garage Spaces:
0
Other Parking Spaces:
4
Air Conditioning:
Central Air
Foundation Size:
2,994 ft2
Foundation Dimensions:
22.6x22, 10x12, 10x22
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Forced Air
Parking Features:
- Other
- Parking Lot
- Unassigned
Road Frontage:
City Street
Exterior Material:
Wood Siding
Roof Details:
Flat
Lot & Land
Acres:
0.15
Geolocation:
47.902945, -91.864772
Inclusions:
Building
Lot Dimensions:
126.00 x 51.00
Zoning:
Business/Commercial
Schools
School District:
696
District Phone:
218-365-6166
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$4,294
Lender-owned:
No
Assessment Pending:
Yes
Taxes w/ Assessments:
$4,534
Units
Total Units:
4
Miscellaneous
Current Use:
- Other
- Retail
Fuel System:
Oil
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Heating Separate
- Hot Water Separate
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Z'Up North Realty, Inc..
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.