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Listed price in listed location currency (USD).
$390,000

000

MLS® 6124763

Overview

Key Facts

Type 
Levels Commercial Sale
Size 6800 sqft
Garage Yes
Taxes $6,311
Days Active 0
Lot Size 
Approx. Age 1910
Avg. Price Per Sqft $57
MLS® Number 6124763

Property Address: 216 E Sheridan St, Ely, MN, 55731-1452

Average square foot calculated using Size range provided by listing agent.

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.
MLS® Number6124763
Laundry Level
Central VacNo
FireplaceNo
Acreage
Exterior
GarageYes
Approx. Age1910
BasementFull
DrivewayAttached Garage, Gravel, Garage Door Opener, Off Street
Garage Spaces
Heat
A/C
Heating Fuel

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Apr 25, 2026List Date
$390,000List Price

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