216 E Sheridan St, Ely, MN 55731
216 E Sheridan St, Ely, MN 55731
216 E Sheridan St, Ely, MN 55731
216 E Sheridan St, Ely, MN 55731
216 E Sheridan St, Ely, MN 55731
216 E Sheridan St, Ely, MN 55731
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Anthony Jennings

Anthony Jennings

+1(715) 209-6841
Listed by Kate Davies Bear Island Realty LLC
$ 390,000
Est. payment | /mo

6,800 SqFt

Save
$ 390,000
Est. payment | /mo
Save

6,800 SqFt

Key Details

Property Type Commercial

Sub Type Restaurant

Listing Status Active

Purchase Type For Sale

Square Footage 6,800 sqft

Price per Sqft $57

MLS Listing ID LSA6124763

HOA Y/N No

Year Built 1910

Annual Tax Amount $6,311

Tax Year 2026

Lot Size 6,098 Sqft

Acres 0.14

Lot Dimensions 50 x 125

Property Sub-Type Restaurant

Source lsar

Property Description

Position your business for success in one of Ely's most iconic commercial spaces. Formerly home to the highly successful Ely Steak House for almost 30 years, this prime Main Street property is now available for purchase. The main level offers over 4,000 square feet and is fully equipped for restaurant operation, making it a turnkey opportunity for restaurateurs. At the same time, the flexible layout allows for a wide range of business concepts and high demand uses. Anything from retail to hospitality or mixed-use development would fit well here. Adding significant value, the upper level includes four apartments, providing immediate rental income from day one, creating a strong foundation for cash flow and long-term investment potential. With its high-visibility location, steady foot traffic, and proven history of success, this property presents a rare opportunity to establish or expand your business in the heart of Ely. This opportunity combines an ideal location with multiple income streams with endless potential.

Location

State MN

County St. Louis County

Area Lsar

Direction In Ely, travel Sheridan Street to 216 on the south side of the road.

Rooms

Basement Full

Interior

Heating Boiler, Fireplace(s), Forced Air, Propane, Oil

Cooling Ductless Mini-Split

Inclusions Building

Exterior

Parking Features Attached Garage, Gravel, Garage Door Opener, Off Street

View Y/N No

Roof Type Rubber

Garage No

Building

Foundation Poured Concrete

Sewer Public Sewer

Water City

Structure Type Stucco,Wood

Others

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Nearby Locations

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Anthony Jennings
Anthony Jennings

Broker-Owner | Lic# 44683-90

+1(715) 209-6841

315 Turner Rd., Ashland, WI 54806

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216 E Sheridan St