216 E Sheridan StEly, MN 55731
St. Louis County
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.
Property Information
- Property type
- Commercial Sale
- Sub-type
- Business
- Year built
- 1910
- Living area
- 6,800 Sq Ft
- Lot size
- 0.14 acres
- Lot dimensions
- 50 x 125
- Days on market
- 199
- MLS® Listing#
- 6124763
Property Features
- Interior
- High Speed Internet
- Exterior
- Lighting
- Appliances
- Dishwasher · Ice Maker · Oven · Refrigerator
- Cooling
- Ductless
- Heating
- Fireplace(s) · Forced Air · Propane · Oil
- Basement
- Full
- Parking
- Gravel · Garage Door Opener · Off Street · Attached
- Construction
- Stucco
- Roof
- Rubber
- Sewer
- Public Sewer
- Water source
- Public
Financial Details
- Annual taxes
- $6,311Tax year 2026
- Parcel number
- 030-0010-00980
Directions
In Ely, travel Sheridan Street to 216 on the south side of the road.
Listing Courtesy: Bear Island Realty LLC - ***
