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    Ely Commercial/Industrial Opportunity Title is generated by Realmo AI

    2331 Old Hwy 169, Ely, MN 55731

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    Claim this Listing
    For Sale
    $498,500

    Commercial/Industrial - Ely, MN

    Property size:
    720 SF
    Price / SF:
    $692/SF
    Added:
    Jul 13, 2025
    Days on Market:
    314
    Last Refresh:
    May 22 at 6:06 am

    Property Features for 2331 Old Hwy 169

    General Information

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

    Utilities

    Heating system
    Electric (Heating), Wood (Heating)

    Building Details

    Roof type
    Asphalt, Metal, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Lisa Janisch

    Listing agent Lisa Janisch

    Listing office Janisch Realty Inc P O Box 517, Tower, MN

    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.

    HighLights

    • 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.
    • 11.5 acre property with highway visibility and ample outdoor storage space for 50+ boats with room for expansion.
    • Turnkey operation with existing contracts for storage, winterization, and launch services, plus pontoon rentals and shrink wrapping services.
    • Includes new septic system (2021), drilled well, and Starlink internet.

    Overview

    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 Storage Facility Greenstone Landscaping Landscaping Berndawg’s Warehouse 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
    -91.92533
    Latitude
    47.893726

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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 Hwy 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
    We can help!
    Listing Contact
    Lisa Janisch
    Real Estate License ID: 40298563
    Learn More
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

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

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