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Listed by Kerry F Davis Canoe Capital Realty, LLC
$979,000
Est. payment /mo
4,350 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Restaurant
Listing Status Active
Purchase Type For Sale
Square Footage 4,350 sqft
Price per Sqft $225
MLS Listing ID LSA6124637
HOA Y/N No
Land Lease Amount 2500.0
Year Built 1910
Annual Tax Amount $3,702
Tax Year 2026
Lot Size 3,049 Sqft
Acres 0.07
Lot Dimensions 25 x125 Leased building
Property Sub-Type Restaurant
Source lsar
Property Description
Rarely does an opportunity arise to own a cornerstone of the Ely community—a business that is not just a destination, but a way of life for those who love and live on Northern Grounds. After more than 30 years of expansion and growth, the current owners are ready to retire, leaving behind a thriving, multi-faceted enterprise with the iconic name that was twice established and is deeply rooted at the gateway to the Boundary Waters Canoe Area (BWCA). This turnkey sale includes a successful business operation at 2 W. Sheridan St. (leased building) and the strategic real estate and production hub at 36 W. Sheridan St. (Parcel 030-0260-00010). The Premier Coffee & Wine Bar: A sophisticated downtown anchor known for ethically roasting small-batch coffee and curating a world-class wine collection for an adventurous and loyal clientele. The Roasting Room (36 W. Sheridan): A state-of-the-art culinary hub powered by a 5lb Mill City Roaster. Currently meeting all internal needs, expanded hours offer significant potential for wholesale growth. Full commercial bakery and kitchen, designed for quality grab & go menu items is imperative to the area's food & beverage scene. Expanded menu and offerings could be accommodated. Upper-Level Residential Units: Two well-appointed units above the 36 W. Sheridan storefront, each featuring 1-bedroom, 1-bathroom, off-street parking, and access to a beautiful private landscaped garden and gazebo. These spaces are ideal for commercial use or continued employee housing. Society Hall: A professional, light-filled co-working and high-end event space designed for independent collaboration, weddings, and community gatherings. Not currently leased but can be. Northern Grounds is defined by its commitment to environmental, social, and economic sustainability. It is a high-performing business that cash flows exceptionally well and is listed significantly below its professional 2025 Year End valuation. Authentic, raw, and never posed. This isn't just a shop; it's a journalistic tribute to the 47° N life, free from filters and full of heart. The most desirable asset of Northern Grounds is its people. A loyal, trained staff and a devoted customer base are ready to welcome the next owner. This is a rare invitation to lead a business where honesty, trust, and curiosity are the daily backdrop. Asking price $979,000 Call Kerry at 218-235-1084
Location
State MN
County St. Louis County
Area Lsar
Direction Sheridan St Ely MN to addresses.
Rooms
Basement Partial
Interior
Heating Forced Air, Propane
Inclusions Business, Business Assets, Fixture/Equipment, Leases
Exterior
View Y/N No
Roof Type Rubber
Garage No
Building
Foundation Poured Concrete
Sewer Public Sewer
Water City
Structure Type Brick
Others
Acceptable Financing Conventional
Listing Terms Conventional
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