Downtown Ely Commercial Building For
For Sale
$370,000
137 E Sheridan St, Ely, MN 55731
Meticulously maintained retail space with investment and conversion potential.
Property Size4,200 SF
Lot Size0.14 Acres
Price / SF$88.10
Days on Market569
Property Features for 137 E Sheridan St
General Information
Standard status
Active
Size
4,200 SF
Lot size
0.14 Acres
Taxes and HOA fees
Annual Taxes
$6,118
Listing Agency:
Bear Island Realty LLC
(218) 343-9173
Listed By:
Kate Davies · License #40403900
(218) 343-9173
Source:
Exprealty
Added: Jan 29, 2025
Changed: Aug 8
Last Checked: Aug 20 at 1:15PM
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
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
Explore this area
Business Placement
Demographics for 55731, MN
5,494
Population
4,954
Households
1.1
Avg Household Size
54
Median Age
41%
College-Educated
94%
High-School Grad
1,606.7 sq mi
ZIP Area
3
Density / Sq Mi
$62,900
Median Household Income
$31,840
Median Earnings
$641
Median Rent
$202,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
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 $370,000.
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.
