137 E Sheridan St, Ely, MN 55731

Listing office Bear Island Realty LLC k***@bearislandrealty.com Show Phone

Listing date Jan 29, 2025

Source Exprealty

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Overview

Located in downtown Ely, this commercial building offers approximately 4,200 square feet of retail space. The property, currently home to Pengals Basswood Trading Company, presents an investment opportunity and could be converted into multiple business spaces. There is also the option of restoring the previous living quarters on the second floor. Originally built in the early 1900s, expansion projects in 1983 and 1987 increased the retail floor space by over 1000 square feet. Updates include Marvin windows, a metal roof, efficient 3-phase 220 electrical power with a 200-amp panel, radiant heat ceiling panels, central air, 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 property has been home to a successful business and staple of the Ely community for many decades.

Suggested Use

Law Firm Auto Parts Store Kitchen & Bath Showroom Auto Repair Shop Nail Salon Daycare Center Food Market HVAC Service Big Box & Wholesale Store Accounting Firm

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

Location Insight

• Map
• Local Demand

City

Ely

County

St. Louis

State

Minnesota

Longitude

-91.8695

Latitude

47.9034

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FAQs

What type of property is this?

Retail space - Meticulously maintained retail space with investment and conversion potential.

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. commercial building.; Excellent investment opportunity with potential for multiple business spaces.