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Alexander Dempsey

alex@inter-state.realestate +1(715) 681-2879

Listed by Lori Schulze Keller Williams Classic Realty NW - Ely

$395,000

Est. payment - /mo

4,820 SqFt

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UPDATED:

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 4,820 sqft

Price per Sqft $81

MLS Listing ID LSA6124235

HOA Y/N No

Year Built 1913

Annual Tax Amount $7,323

Tax Year 2026

Lot Size 0.290 Acres

Acres 0.29

Lot Dimensions 100' x 125'

Property Sub-Type Mixed Use

Source lsar

Property 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.

Location

State MN

County St. Louis County

Area Lsar

Direction 401 E Sheridan in the town of Ely, MN.

Rooms

Basement Full, Slab

Interior

Heating Boiler, Ductless Mini-Split, Electric

Cooling Ductless Mini-Split

Inclusions Building, Land

Exterior

Parking Features Detached Garage, Asphalt, Off Street

View Y/N No

Roof Type Asphalt,Rubber

Garage No

Building

Foundation Concrete, Poured Concrete, Wood

Sewer Public Sewer

Water City

Structure Type Brick,Vinyl,Wood

Others

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

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Alexander Dempsey

+1(715) 681-2879

Team Lead

401 E Sheridan St Ely, MN 55731

Alexander Dempsey

Key Details

Location

Rooms

Interior

Exterior

Building

Others

Nearby Locations

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