216 E Sheridan St Ely, MN 55731

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

Listed by Kate Davies · License #40403900 Show Phone

Source Exprealty

Added: Apr 25 Updated: Jul 21 at 4:47PM Checked: Jul 21 at 4:47PM

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Investment Insights

Based on property information with market context.

This property at 216 E Sheridan St, Ely, MN combines a restaurant-ready main level with residential units above. The main level offers over 4,000 square feet and is described as fully equipped for restaurant operation, with a flexible layout suitable for a variety of business concepts.

The upper level includes four apartments, providing immediate residential rental income as part of the overall setup. The building’s configuration supports both food service use and mixed-income, live-and-work style occupancy within the same structure.

The property was formerly home to the Ely Steak House for nearly 30 years, and it is now available for purchase as a turnkey option with on-site living units.

Key Highlights

• Main Street commercial building formerly home to Ely Steak House for almost 30 years.
• Main level includes over 4,000 SF and is fully equipped for restaurant operation.
• Upper level has four apartments for immediate rental income.

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FAQs

What type of property is this?

Conventional restaurant - Purchase a fully equipped restaurant space with four apartments above, totaling about 6,800 square feet.

Where is this conventional 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: Main Street commercial building formerly home to Ely Steak House for almost 30 years.; Main level includes over 4,000 SF and is fully equipped for restaurant operation.; Upper level has four apartments for immediate rental income.