Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    137 E Sheridan St Ely, MN 55731

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $375,000

    Meticulously maintained 4,200 sq ft retail space in Ely.

    Type:General Commercial
    Property size:
    4,200 SF
    Added:
    Jan 27, 2025
    Days on Market:
    457
    Last Refresh:
    Apr 1 at 9:24 pm

    Property Features for 137 E Sheridan St

    General Information

    Standard status
    Active
    Size
    4,200 SF
    Property subtype
    General Commercial

    Building Details

    Year Built
    1905

    We can help!

    Listing Contact
    Kate Davies

    Listing agent Kate Davies

    Listing office Bear Island Realty LLC

    Listing date Jan 27, 2025

    Source Xome

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

    All listing content including descriptions, pricing, images are the copyrighted material of Bear Island Realty LLC

    Overview

    Commercial Building in Ely's Downtown

    Located in downtown Ely, this commercial building offers approximately 4,200 square feet of retail space. The property is currently configured as a single retail space but could be converted into multiple business spaces, with the option of restoring previous living quarters on the second floor. Expansion projects in 1983 and 1987 increased the retail floor space by over 1000 square feet. The building features Marvin windows, a metal roof, efficient 3-phase 220 electrical power with a 200-amp panel, radiant heat ceiling panels, and central air. Additional updates include a new entry door, new flooring, and updated plumbing. Other features include large storage/inventory areas, a kitchen, a half bath, off-street parking, and private offices. The original structure was built in the early 1900s.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pengal's Basswood Trading ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Ely
    County
    St. Louis
    State
    Minnesota
    Longitude
    -91.8695061
    Latitude
    47.9034371

    Nearby Similar for Sale

    • $299,000
      6,900 SF

      Downtown Ely Commercial Building

      Two-level, 6,900 SF commercial building in downtown Ely.
      29 E Chapman St, Ely, MN 55731
      View Details
    • $275,000
      3,768 SF

      Ely Mixed-Use Income Property

      Commercial building with income-generating apartments in high-traffic location.
      120 E Sheridan Street, Ely, MN 55731
      View Details
    • $498,500
      720 SF

      Ely Commercial/Industrial Opportunity

      Live and work opportunity in Ely, Minnesota.
      2331 Old Hwy 169, Ely, MN 55731
      View Details
    • $498,500

      Ely Commercial Live-Work Opportunity

      Live and work opportunity in Ely, Minnesota with passive income.
      2331 Old Highway 169, Ely, MN 55731
      View Details
    • $299,000
      6,900 SF

      Downtown Ely Commercial Building

      Two-level commercial building in downtown Ely with business potential.
      29 E Chapman St, Ely, MN, 55731-1227
      View Details
    • $1,800,000
      3 SF

      Ely MN Resort on Moose Lake

      Premier Boundary Waters outfitter on 3.45 acres with 500ft shoreline.
      14694 Vosburgh Road, Ely, MN 55731
      View Details
    • $349,000

      Established Ice Business Opportunity

      Well-established ice business with real estate and equipment included.
      442 N 15th Ave E, Ely, MN, 55731-1854
      View Details
    • $390,000
      8,078 SF

      Mixed-Use Building in Downtown Ely

      Two-story building with restaurant and four apartments in Ely.
      216 E Sheridan St, Ely, MN
      View Details

    FAQs

    What type of property is this?
    Retail space - Meticulously maintained 4,200 sq ft retail space in Ely.
    Where is this retail space located?
    The property is located at 137 E Sheridan St Ely, MN.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: Prime downtown Ely location in a sought‑after area.; Meticulously maintained +/- 4,200 sq. ft. retail space with potential for multiple business spaces.; Option to restore previous living quarters on the second floor.
    (218) 365-2800
    We can help!
    Listing Contact
    Kate Davies
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!