401 E Sheridan St, Ely, MN 55731
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401 E Sheridan St, Ely, MN 55731
401 E Sheridan St, Ely, MN 55731
401 E Sheridan St, Ely, MN 55731
401 E Sheridan St, Ely, MN 55731
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Joe Tome

Joe Tome

+1(218) 235-8325
Listed by Lori Schulze Keller Williams Classic Realty NW - Ely
$ 395,000
Est. payment /mo
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Active

401 E Sheridan St Ely, MN 55731

4,820 SqFt

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

Joe Tome

Joe Tome

Broker Associate | License ID: MN 40838057 WI 60567-90

+1(218) 235-8325

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