Mixed-Use Property with Coffee
For Sale
$979,000
2 W Sheridan Street, Ely, MN 55731
The offering combines a production kitchen, two apartments, and space for coworking and events.
Property Size4,350 SF
Price / SF$225.06
Days on Market187
Property Features for 2 W Sheridan Street
General Information
Standard status
Active
Size
4,350 SF
Property subtype
Commercial
Lease Term
[]
Financials
Asking Price
$979,000
Business Included
Yes
Amenities
Fully Wheelchair
Grab Bars In Bathroom
Building Details
Year Built
1910
Listing Agency:
Canoe Capital Realty,LLC (***)
Listed By:
Kerry Davis · License #40208514
(218) 365-8689
Source:
C21atwood
Added: Apr 8
Changed: Oct 10
Last Checked: Oct 10 at 2:50AM
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 Canoe Capital Realty,LLC (***)
Investment Insights
Based on property information with market context.
The offering pairs a coffee and wine business operating from a leased storefront at 2 W. Sheridan St. with real estate and production space at 36 W. Sheridan St. The 4,350-square-foot property, built in 1910, contains a coffee roaster, commercial bakery and kitchen, two one-bedroom, one-bathroom apartments, and Society Hall, a coworking and event venue. A 5lb Mill City Roaster is included in the production operation. The apartments have off-street parking and access to a landscaped garden and gazebo.
Society Hall is not currently leased. The apartments have been used for employee housing, and the source information also identifies commercial use as an option. The sale includes the operating business at the leased 2 W. Sheridan St. location as well as the property and production hub at 36 W. Sheridan St.
Society Hall is not currently leased. The apartments have been used for employee housing, and the source information also identifies commercial use as an option. The sale includes the operating business at the leased 2 W. Sheridan St. location as well as the property and production hub at 36 W. Sheridan St.
Key Highlights
- 4,350‑square‑foot property built in 1910
- Production site at 36 W. Sheridan St. includes a 5lb Mill City Roaster and commercial bakery and kitchen
- Two apartments, each with 1 bedroom and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$60,341
Cap Rate
6.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,206,820
$1.2M
Cap Rate 7%
$862,014
$862.0K
Cap Rate 9%
$670,456
$670.5K
Market Conditions
NOI Build-Up for 4,350 SF
Gross rent
$108.6K $24.96/SF
− Vacancy
−$28.1K −$6.46/SF
EGI
$80.5K $18.50/SF
− OpEx
−$20.1K −$4.62/SF
NOI
$60.3K $13.87/SF
Area
St. Louis County, MN
Vacancy
25.90%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,206,820
Cap Rate 7%
$862,014
Cap Rate 9%
$670,456
Alternative Uses
Best Use
Specialty Retail
$1.69M
$1.48M – $1.97M
NOI $118,120 @ 7.0% cap · market cap 12.07%
Second Best
Mixed Use
$1.41M
$1.23M – $1.64M
NOI $98,434 @ 7.0% cap · market cap 10.05%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The offering combines a production kitchen, two apartments, and space for coworking and events.
Where is this mixed-use property located?
The property is located at 2 W Sheridan Street Ely, MN.
What is the asking price?
The asking price for this property is $979,000.
What are key features of this property?
This property features: 4,350‑square‑foot property built in 1910; Production site at 36 W. Sheridan St. includes a 5lb Mill City Roaster and commercial bakery and kitchen; Two apartments, each with 1 bedroom and 1 bathroom
