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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
    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.
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    Turn Any Listing Into an Investment Snapshot Owner equity, real caprate, demand score for every listing. Go To Analytics Center
    Based on your search, we've compiled 5 Potential Opportunities for your consideration. Besides 1 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.

    Storefront Retail with Salon Setup
    Storefront Retail with Salon Setup

    222 N Central Ave, Duluth, MN 55807

    $525,000
    2,172 sqft 0.21 AC lot

    Turnkey space supports salon services and a separate shake shop concept with convenient parking near Super One.

    View details
    Restaurant Bar with Upstairs Apartments
    Restaurant Bar with Upstairs Apartments

    223 Grant Ave, Eveleth, MN 55734

    $299,500
    8,206 sqft

    Well-maintained restaurant and bar with banquet facilities, plus two upstairs apartments for additional income.

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    Restaurant and Banquet Facility
    Restaurant and Banquet Facility

    223 Grant Avenue, Eveleth, MN 55734

    $299,500

    Well-maintained restaurant and bar setup with banquet capabilities plus two upstairs apartments.

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    Full-Service Restaurant with Liquor License
    Full-Service Restaurant with Liquor License

    4602 Grand Ave, Duluth, MN 55807

    Contact for pricing

    Full-service restaurant in excellent condition with a separate dining room and an on-sale liquor license.

    View details

    Ely, MN Conventional Restaurants Market Trends and Statistics

    Explore 1 conventional restaurants for sale in Ely, MN on our real estate platform. These investment opportunities span a total of 6,800 square feet of properties for sale, with an estimated market value of $390,000.

    Sale prices for conventional restaurants in Ely, MN start at $390,000, averaging $390,000, 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

    Demographics Overview

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

    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)

    Average Property Price per SF

    For-sale pricing trends across core commercial property types in St. Louis County

    Retail

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