Listing Agency: Sunbelt Business Advisors

Listed By: Tony Bodway Show Phone

Source: Moodyscre

Added: Aug 1, 2024 Changed: Sep 3 Last Checked: Sep 2 at 4:57PM

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Investment Insights

Based on property information with market context.

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.

Key Highlights

• 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.

Property Analytics

Property Profile

Current Use

Ely Steak House Restaurant

Suggested Use

Top Pick Parking Lot & Garage Auto Parts Store Plumbing Service (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

463

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this restaurants located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

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.