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    2331 Old Highway 169 Ely, MN 55731

    Sponsored
    For Sale
    $498,500

    Commercial/Industrial - Ely, MN

    Property size:
    720 SF
    Days on Market:
    177
    Last Refresh:
    Jan 5 at 1:06 pm

    Property Features for 2331 Old Highway 169

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MU-5
    APN
    465-0040-05841
    Parking
    10
    Parking features
    Garage
    Size
    720 SF

    Utilities

    Heating system
    Electric (Heating), Wood (Heating)

    Building Details

    Roof type
    Asphalt, Metal, Shingle
    Architectural style
    Other

    Janisch Realty (218) 780-6644 [email protected]

    Listing agent Lisa Janisch (218) 780-6644

    Listing date Jul 13, 2025

    MLS# 148712 Listing URL

    Copyright © 2026 Range Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Ely Commercial/Industrial Opportunity

    Located just 5 miles south of Ely, this commercial and industrial property offers an opportunity to live and work in northern Minnesota. Situated on 11.5 acres with visibility from the corner of Highway 169 and Grant McMahan, the property is zoned MU-5. It features a year-round one-bedroom house with a screened porch and potential for a second bedroom. A 4920-square-foot storage building includes 17-foot high double doors on each end, an office with laundry and bath, a one-bedroom apartment, and indoor storage for 14 boats. There is outdoor storage for 50+ boats, with room for more and potential to construct additional storage buildings. The property is currently used as a boat storage, rental, and servicing business. Most storage is repeat contract for 6-7 months and includes retrieval from lake, motor winterization, storage and spring launch. Additional services such as tune ups and rigging as needed. Currently 128 boats shrink wrapped on or off site, including commercial multi-boat clients. The business includes 2 pontoon rentals. A new septic system was installed in 2021. The property has a 145 ft drilled well and Starlink internet. This is a turnkey opportunity to own your own business in Ely.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dryland Marina Boat Storage Facility Greenstone Landscaping Landscaper Berndawg’s Warehouse Boat Storage Facility

    Suggested Use

    Storage Facility

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ely
    County
    St. Louis
    State
    Minnesota
    Longitude
    -91.924751
    Latitude
    47.893988

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    FAQs

    What type of property is this?
    Parking lot & garage - Live and work opportunity in Ely, Minnesota.
    Where is this parking lot & garage located?
    The property is located at 2331 Old Highway 169 Ely, MN.
    What is the asking price?
    The asking price for this property is $498,500.
    What are key features of this property?
    This property features: - Established boat storage/rental/servicing business with verifiable financials and growth potential.; - Includes a year-round 1 bedroom house (potential for 2nd bedroom) and a 1 bedroom apartment, offering living and rental income.; - Features a large 4920 sq ft storage building with high doors, office, laundry, and indoor boat storage.
    (218) 780-6644
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    2331 Old Highway 169 Ely, MN 55731
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    Ely, MN 55731
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2331 Old Highway 169 Ely, MN 55731
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