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    401 Sheridan St Ely, MN 55731

    Sponsored
    For Sale
    $419,900

    Historic building, retail & apartment

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    338
    This exceptional mixed-use property at 401 E Sheridan St in Ely, Minnesota presents a unique investment opportunity. The 6,486 square foot free-standing building, constructed in 1913, boasts a rich history and sits on a 0.29-acre lot. Currently configured as a thriving liquor store on the main level, the property also includes a substantial 1,666 square foot basement ideal for storage. Upstairs, a spacious four-bedroom, two-bathroom apartment offers comfortable living with a private deck and the convenience of a detached garage. The C-1 zoning allows for a diverse range of potential uses, including retail, restaurant, lounge/bar, grocery store, or office space, making this a highly versatile investment. Located in the heart of Ely, this property benefits from the town's strong sense of community and its proximity to popular attractions such as the Boundary Waters Canoe Area, the International Wolf Center, and the Ely Arts & Heritage Center. The building's historic charm combined with its prime location and flexible zoning presents an exciting chance to capitalize on Ely's thriving tourism and local economy. This is a rare opportunity to own a piece of Ely's history and shape its future. The asking price is $419,900.

    Property Features for 401 Sheridan St

    General Information

    Property type
    Mixed-use properties
    Lot Size
    12,632 SF

    Building Details

    Year Built
    1913
    Property Profile Location Intelligence

    Current Use by Public Records

    Mike's Drive In Liquor Liquor Store

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Ely
    County
    St. Louis County
    State
    Minnesota
    Longitude
    -91.86076
    Latitude
    47.90336

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    FAQs

    What type of property is this?
    Mixed-use property - Historic building, retail & apartment
    Where is this mixed-use property located?
    The property is located at 401 Sheridan St Ely, MN.
    What is the asking price?
    The asking price for this property is $419,900.
    (763) 463-7500
    Request Owner's contact information
    401 Sheridan St 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
    401 Sheridan St Ely, MN 55731
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