Boat Storage and Service
For Sale
$459,000
2331 Old Highway 169, Ely, MN 55731
Commercial Sale, Ely, MN
Property Size4,920 SF
Lot Size11.50 Acres
Price / SF$93.29
Days on Market458
Property Features for 2331 Old Highway 169
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business/Commercial
Parking features
Garage - Detached, Driveway, Parking Lot
High school district
Ely
Directions
From Ely, W. on Hwy 169, R. on Old Hwy 169 to Fire#.
Standard status
Active
APN
465004005841
Lot size
11.50 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2655
Utilities
Sewer type
Private Sewer
Heating system
Wood, Wood Stove
Building Details
Year built
1989
Listing Agency:
Janisch Realty, Inc
Listed By:
Lisa Janisch · License #40298563
(218) 780-6644
Added: Jul 13, 2025
Changed: Oct 8
Last Checked: Oct 13 at 11:06AM
MLS# 6753576
Copyright © 2026 Northstar MLS. 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.
The 11.5-acre property includes a 4,920-square-foot storage building with 17-foot-high double doors at both ends. Inside are storage capacity for 14 boats, an office, laundry, and a bathroom. A year-round, one-bedroom apartment is located upstairs. The site also has a separate year-round, one-bedroom house with a screened porch. The boat business provides storage, retrieval, motor winterization, and spring launch services, with tune-ups and rigging offered as needed. Two pontoon rentals are included. A new septic system was installed in 2021, and the property has a 145-foot drilled well and Starlink internet.
The property sits at the corner of Highway 169 and Grant McMahan, approximately five miles south of Ely. More than 50 boats are stored outdoors, with additional room for storage; the listing also identifies potential for another storage building. The business currently has 128 boats shrink-wrapped on or off site, including commercial multi-boat clients.
The property sits at the corner of Highway 169 and Grant McMahan, approximately five miles south of Ely. More than 50 boats are stored outdoors, with additional room for storage; the listing also identifies potential for another storage building. The business currently has 128 boats shrink-wrapped on or off site, including commercial multi-boat clients.
Key Highlights
- 11.5 acres at the corner of Highway 169 and Grant McMahan, about 5 miles south of Ely
- 4,920‑square‑foot storage building with 17‑foot‑high double doors at each end
- Indoor storage for 14 boats; more than 50 boats stored outdoors
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
Turnkey business
Opportunity
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines boat storage and servicing facilities with year-round residential space.
Where is this mixed-use property located?
The property is located at 2331 Old Highway 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 acres at the corner of Highway 169 and Grant McMahan, about 5 miles south of Ely; 4,920‑square‑foot storage building with 17‑foot‑high double doors at each end; Indoor storage for 14 boats; more than 50 boats stored outdoors
