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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

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.
More about this property
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