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    137 Sheridan St Ely, MN 55731

    For Sale
    $455,000

    Prime retail space, endless potential.

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    308
    This meticulously maintained commercial building, located at 137 E Sheridan St in Ely, MN, presents a unique investment opportunity. Boasting approximately 4,200 square feet of retail space, this property is situated in Ely's desirable downtown area. Currently housing Pengals Basswood Trading Company, the building offers flexibility for various business ventures. The structure, originally built in the early 1900s, underwent expansions in 1983 and 1987, adding over 1000 square feet to the retail floor. Recent updates include energy-efficient Marvin windows, a durable metal roof, a robust 200-amp, 3-phase 220 electrical system, radiant heat ceiling panels, central air conditioning, a new entry door, new flooring, and updated plumbing. The building also features ample storage and inventory areas, a kitchen, a half-bath, convenient off-street parking, and private offices. The potential exists to restore the second-floor living quarters, creating additional space or residential options. This attractive property, situated on a 0.14-acre lot, has been a successful and beloved business within the Ely community for decades. Priced at $455,000, this property offers a chance to own a piece of Ely's history and establish a thriving business in the heart of the Northwoods.

    Property Features for 137 Sheridan St

    General Information

    Property type
    Other commercial real estate
    Lot Size
    6,098 SF

    Building Details

    Year Built
    1905
    Property Profile Location Intelligence

    Current Use by Public Records

    Pengal's Basswood Trading ... Gift Shop

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Clothing Store

    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
    -91.86436
    Latitude
    47.90341

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    FAQs

    What type of property is this?
    Commercial real estate - Prime retail space, endless potential.
    Where is this commercial real estate located?
    The property is located at 137 Sheridan St Ely, MN.
    What is the asking price?
    The asking price for this property is $455,000.
    (218) 365-2800
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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
    137 Sheridan St Ely, MN 55731
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