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    Ely, MN
    Conventional Restaurant

    Ely, MN Conventional Restaurants for Sale

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    Isabella, MN Babbitt, MN Soudan, MN Tower, MN Embarrass, MN
    Restaurant with Commercial Kitchen
    Updated: Jun 5
    Restaurant with Commercial Kitchen

    955 E Sheridan St, Ely, MN 55731

    $215,000
    1,900 sqft
    Current restaurant operation with full commercial kitchen
    1,900 SF property in Ely, MN
    Open‑concept interior with fireplace and half‑log siding
    Outdoor deck surrounded by landscaping and seasonal flowers
    Customer access and parking options
    View details
    Turnkey Restaurant and Apartments
    Updated: Apr 25
    Turnkey Restaurant and Apartments

    216 E Sheridan St, Ely, MN 55731

    $390,000
    6,800 sqft
    Main Street commercial building formerly home to Ely Steak House for almost 30 years.
    Main level includes over 4,000 SF and is fully equipped for restaurant operation.
    Upper level has four apartments for immediate rental income.
    Property includes a total of about 6,800 SF combined restaurant and apartments.
    Flexible layout suited for a range of business concepts, including retail, hospitality, or mixed‑use development.
    View details
    See what stands out in St. Louis County

    We check every for-sale listing in the county against comparable properties across the country. Most price about where you would expect. A few are worth a second look.

    We check every listing here. A few are worth a second look.

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    Based on your search, we've compiled 6 Potential Opportunities for your consideration. Besides 2 Active listings in Ely, MN, we suggest exploring several alternatives: 4 properties in Nearby Cities

    Opportunities in Nearby Cities

    Here are 4 Similar properties we found in Nearby Locations for your consideration.

    Breakfast & Diner with Basement
    Breakfast & Diner with Basement

    114 N Main St, Aurora, MN 55705

    $425,000
    2,250 sqft

    Established restaurant with substantial seating and lower-level cold storage for supplies.

    View details
    Bar and Grill with Outdoor Seating
    Bar and Grill with Outdoor Seating

    2667 HWY 70, Babbitt, MN 55731

    $199,000

    Established bar and grill property with a full commercial kitchen, dining area, bar service, and outdoor deck seating.

    View details
    Established Restaurant with Basement
    Established Restaurant with Basement

    114 N Main St, Aurora, MN 55705

    $425,000

    Downtown Aurora restaurant with seating, storage, and walk-in cooling equipment.

    View details
    Log-Structure Bar & Pub
    Log-Structure Bar & Pub

    8310 Joseph St, Babbitt, MN 55706

    Contact for pricing

    Established hospitality property with a full-service bar, off-sale shop, restaurant operations, and indoor and outdoor event space.

    View details

    Ely, MN Conventional Restaurants Market Trends and Statistics

    Explore 2 conventional restaurants for sale in Ely, MN on our real estate platform. These investment opportunities span a total of 8,700 square feet of properties for sale, with an estimated market value of $605,000.

    Sale prices for conventional restaurants in Ely, MN start at $215,000, averaging $302,500, and reaching up to $390,000 — offering options for a variety of budgets and business needs. Daily updated analytics ensure you stay ahead with the latest data and market trends.

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    Top Commercial Asset Segments

    Commercial property segments ranked by active listings on the market

    Coffee shops 2
    Commercial kitchens 2
    Conventional restaurants 2
    Bars & Pubs 1

    Demographics Overview

    Population 5,292
    Population Growth (5Y) -10.5%
    Median Household Income $62,900
    College Educated 54.0%

    High-Yield Neighborhoods for Investment

    Identify Ely submarkets with the highest inventory density on the market and evaluate the average listing prices of real estate assets

    Neighborhood Average Price
    55731 $302.5K

    Taxes & Financing

    Tax Rate (average for all types) 1.56%
    Property Tax per SF $11.67 per SF
    Tax Rate vs County Average 1.02 pp below county avg
    Average Loan-to-Value 65.0%

    Listings Trend

    New vs delisted commercial listings in St. Louis County

    New Delisted

    Total CRE Inventory on Market (SF)

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