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    Ely, MN
    Conventional Restaurant

    Ely, MN Conventional Restaurants for Sale

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    Isabella, MN Babbitt, MN Tower, MN Soudan, MN Embarrass, MN
    Improved Restaurant with Patio
    Updated: Sep 9
    Improved Restaurant with Patio

    302 E Sheridan Street, Ely, MN 55731

    $1,100,000
    5,000‑square‑foot restaurant and bar property
    Building, bar, and kitchen improvements completed
    Large patio with outdoor games and live music area
    Commercial kitchen with dining and bar areas
    Central air conditioning and propane forced‑air heating
    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
    Restaurant with Commercial Kitchen
    Restaurant with Commercial Kitchen

    955 E Sheridan St, Ely, MN 55731

    $215,000
    1,900 sqft

    Open-concept dining space features a fireplace, outdoor deck, and landscaped seating area.

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    See hot listings in Ely

    Scored against comparables nationwide. These are worth a look.

    Scored against comparables nationwide. These are worth a look.

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    Based on your search, we've compiled 7 Potential Opportunities for your consideration. Besides 3 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.

    Turnkey Conventional Restaurant
    Turnkey Conventional Restaurant

    312 Westover Rd, Hoyt Lakes, MN 55750

    $299,900
    1,800 sqft

    Operating restaurant positioned along regional ATV and snowmobile trail traffic.

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    Historic Bar & Pub with Outdoor Area
    Historic Bar & Pub with Outdoor Area

    19 W Lake St, Chisholm, MN 55719

    $48,000
    1,825 sqft

    1908-built space retains exposed brick, tall ceilings, detailed tin ceilings, and a rear outdoor area.

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    Operational Restaurant Near Trail Routes
    Operational Restaurant Near Trail Routes

    312 Westover Rd, Hoyt Lakes, MN 55750

    $299,900

    Established dining business with seasonal customer traffic from regional ATV and snowmobile trails.

    View details
    Bar Building with Outdoor Area
    Bar Building with Outdoor Area

    19 Lake St W, Chisholm, MN 55719

    $48,000

    Exposed brick, original tin ceilings, and a rear outdoor area give this commercial space distinctive character.

    View details

    Ely, MN Conventional Restaurants Market Trends and Statistics

    Explore 3 conventional restaurants for sale in Ely, MN, showcased through 3 active listings 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 $1,705,000.

    Sale prices for conventional restaurants in Ely, MN start at $215,000, averaging $568,333, and reaching up to $1,100,000 — 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 3
    Commercial kitchens 3
    Conventional restaurants 3
    Bars & Pubs 2

    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 $568.3K

    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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