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401 E Sheridan StEly, MN 55731

St. Louis County

$395,000List price
4,820Sq Ft
1913Year built
0.29Acre lot
7 months agoOn market

Description

Few properties can claim both a century of history and a front-row seat to everything that makes Ely one of Minnesota's most beloved destinations. 401 E Sheridan Street is one of them. Built in 1913 and anchored in Ely's C-1 commercial corridor, this freestanding mixed-use building delivers the kind of bones that developers and entrepreneurs dream about — generous square footage, a flexible footprint, and a location that puts you squarely in the flow of year-round traffic. The main level spans a fully operational retail floor, currently running as a liquor store, with 1,666 SF of basement storage below. Upstairs, a spacious four-bedroom, two-bathroom apartment offers a private deck and detached garage — ideal for an owner-operator, long-term tenant, or short-term rental income stream. Total building size comes in at 6,486 SF across three levels, giving a new owner plenty of room to work with. Ely's appeal is no secret. As the gateway to the Boundary Waters Canoe Area Wilderness, and built on a deeply rooted sense of community — this is a town with a loyal local base and a steady stream of visitors who keep coming back. With historic charm, a prime location, and real redevelopment potential, this property is an exceptional opportunity for an investor or entrepreneur ready to plant roots in a beloved Northwoods community.

Property Information

Property type
Commercial Sale
Sub-type
Mixed Use
Year built
1913
Living area
4,820 Sq Ft
Lot size
0.29 acres
Lot dimensions
100' x 125'
Days on market
227
MLS® Listing#
6124235

Property Features

Interior
High Speed Internet
Appliances
Dishwasher · Oven · Refrigerator
Cooling
Ductless
Heating
Electric · Ductless
Basement
Full
Parking
Asphalt · Off Street · Detached
Construction
Brick
Foundation
Slab
Roof
Asphalt · Rubber
Utilities
Cable Available
Sewer
Public Sewer
Water source
Public

Financial Details

Annual taxes
$7,323Tax year 2026
Parcel number
030-0370-00680, 030-0370-00690, 030-0370-00710

Directions

401 E Sheridan in the town of Ely, MN.

Listing Courtesy: Keller Williams Classic Realty NW - Ely - ***

Listings courtesy of the Lake Superior Area REALTORS® MLS. All data is obtained from various sources and may not have been verified by . All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Listing information is provided for consumers' personal, non-commercial use, solely to identify prospective properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Information deemed reliable but not guaranteed. Copyright © 2026 – Lake Superior Area REALTORS® MLS – All Rights Reserved.

Connect with a Local Real Estate Expert

  • Jay Fermanich

    Broker of Record, Franchisee

    EXIT Northland Realty

  • Becky Hansen

    Sales Representative

    EXIT Northland Realty