Turnkey Restaurant and
For Sale
$390,000
216 E Sheridan St, Ely, MN 55731
Purchase a fully equipped restaurant space with four apartments above, totaling about 6,800 square feet.
Property Size6,800 SF
Price / SF$57.35
Days on Market134
Property Features for 216 E Sheridan St
General Information
Standard status
Active
Size
6,800 SF
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,311
Listing Agency:
Bear Island Realty LLC
(218) 365-2800
Listed By:
Kate Davies · License #40403900
(218) 343-9173
Source:
Exprealty
Added: Apr 25
Changed: Sep 4
Last Checked: Sep 5 at 1:13PM
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.
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.
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.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Under-served
Demand for This Use
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
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.
