Boat Storage Marina
For Sale
$459,000
2331 Old Hwy 169, Ely, MN 55731
COMMERCIAL/INDUSTRIAL, Ely, MN
Property Size4,920 SF
Lot Size11.50 Acres
Price / SF$93.29
Days on Market93
Property Features for 2331 Old Hwy 169
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MU-5
Parking features
Garage
Subdivision
Rural N of Hwy 169 - 135
Standard status
Active
Lot size
11.50 Acres
Utilities
Heating system
Electric (Heating), Wood
Building Details
Building materials
Wood Frame
Roof type
Metal, Shingle, Asphalt
Listing Agency:
Janisch Realty Inc
Listed By:
Lisa Janisch · License #40298563
(218) 780-6644
Added: Jul 12
Changed: Sep 14
Last Checked: Oct 12 at 4:06PM
MLS# 148712
Copyright © 2026 Range Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This MU-5 mixed-use property at 2331 Old Hwy 169 includes a 4,920-square-foot storage building with 17-foot-high double doors at both ends. The building contains an office, laundry, bathroom, upstairs one-bedroom, one-bath year-round apartment, and indoor capacity for 14 boats. A separate one-bedroom, one-bath year-round house includes a screened porch. Construction includes wood framing with shingle, metal, and asphalt roofing, while heating is provided by electric and wood systems.
The 11.5-acre property sits on a paved road with visibility from the corner of Highway 169 and Grant McMahan, approximately 5 miles south of Ely. More than 50 boats are stored outdoors, and the site currently accommodates 128 boats shrink-wrapped on or off site. The operating business provides storage, lake retrieval, motor winterization, spring launch, tune-ups, rigging, and two pontoon rentals.
The 11.5-acre property sits on a paved road with visibility from the corner of Highway 169 and Grant McMahan, approximately 5 miles south of Ely. More than 50 boats are stored outdoors, and the site currently accommodates 128 boats shrink-wrapped on or off site. The operating business provides storage, lake retrieval, motor winterization, spring launch, tune-ups, rigging, and two pontoon rentals.
Key Highlights
- 11.5‑acre MU‑5 mixed‑use property near Ely
- 4,920 SF storage building with 17‑foot‑high double doors at each end
- Indoor storage for 14 boats plus outdoor storage for 50+ boats
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,631
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$472,620
$472.6K
Cap Rate 7%
$337,586
$337.6K
Cap Rate 9%
$262,567
$262.6K
Market Conditions
NOI Build-Up for 4,920 SF
Gross rent
$28.9K $5.88/SF
− Vacancy
−$1.1K −$0.23/SF
EGI
$27.8K $5.65/SF
− OpEx
−$4.2K −$0.85/SF
NOI
$23.6K $4.80/SF
Area
St. Louis County, MN
Vacancy
3.90%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$472,620
Cap Rate 7%
$337,586
Cap Rate 9%
$262,567
Alternative Uses
Best Use
Mixed Use
$1.59M
$1.39M – $1.86M
NOI $111,332 @ 7.0% cap · market cap 24.26%
Second Best
Warehouse
$337.6K
$295.4K – $393.9K
NOI $23,631 @ 7.0% cap · market cap 5.15%
Theoretical Best
Specialty Retail
$1.91M
$1.67M – $2.23M
NOI $133,598 @ 7.0% cap · market cap 29.11%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Drive-in doors
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
6
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Marina - Mixed-use property combines boat storage, service space, and year-round residential accommodations.
Where is this marina located?
The property is located at 2331 Old Hwy 169 Ely, MN.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: 11.5‑acre MU‑5 mixed‑use property near Ely; 4,920 SF storage building with 17‑foot‑high double doors at each end; Indoor storage for 14 boats plus outdoor storage for 50+ boats
