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    216 E Sheridan St Ely, MN 55731

    For Sale
    $390,000

    Two-story building with restaurant and four apartments in Ely.

    Property size:
    8,078 SF
    Lot size:
    0.14 Acres

    Property Features for 216 E Sheridan St

    General Information

    Size
    8,078 SF
    Lot size
    0.14 Acres

    Source: Sunbelt Business Advisors Agent Tony Bodway

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Mixed-Use Building in Downtown Ely

    This two-story building is located in downtown Ely, situated on Highways 1/169. The property features a 4,014 square foot restaurant with seating for 150. Additionally, the building includes four residential rental units located on the second floor; three of the four units are currently rented. The property is a multi-purpose commercial real estate opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Ely Steak House Steak House

    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
    State
    Minnesota
    Longitude
    -91.8704142
    Latitude
    47.9031285

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    FAQs

    What type of property is this?
    Restaurant - Two-story building with restaurant and four apartments in Ely.
    Where is this restaurant located?
    The property is located at 216 E Sheridan St Ely, MN.
    What is the asking price?
    The asking price for this property is $390,000.
    What are key features of this property?
    This property features: - Prime downtown Ely location on Highways 1/169.; - Multi-purpose commercial real estate with restaurant and apartments.; - Restaurant space of 4,014 sq. ft. with seating for 150.
    (952) 681-9281
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    216 E 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
    216 E Sheridan St Ely, MN 55731
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