401 E Sheridan St Ely, MN 55731

Listing office Keller Williams Classic Realty NW - Ely l***@kw.com Show Phone

Listing date Mar 29, 2026

Source Exprealty

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Investment Insights

Based on property information with market context.

Built in 1913, this freestanding mixed-use building sits on Ely’s C-1 commercial corridor and is arranged across three levels. The main level features a fully operational retail floor currently operating as a liquor store. Below is basement storage, and the upper level includes a spacious four-bedroom, two-bathroom apartment with a private deck and a detached garage.

With a total of 6,486 SF, the building offers a flexible footprint for an owner-operator, a long-term tenant, or an income-focused use of both levels. The property is located at 401 E Sheridan Street in Ely, positioned to benefit from steady year-round activity tied to the town’s role as a gateway to the Boundary Waters Canoe Area Wilderness.

For buyers seeking a historically grounded property with practical live/work and income potential, this is a straightforward mixed-use asset with established ground-floor operations and defined residential space above.

Key Highlights

• Built in 1913, freestanding mixed‑use building on Ely’s C‑1 commercial corridor
• Main level has fully operational retail space currently operating as a liquor store
• Basement includes 1,666 SF of storage

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FAQs

What type of property is this?

Mixed-use property - Freestanding building with operational ground-floor retail and an upstairs four-bedroom apartment with private deck and detached garage.

Where is this mixed-use property located?

The property is located at 401 E Sheridan St Ely, MN.

What is the asking price?

The asking price for this property is $395,000.

What are key features of this property?

This property features: Built in 1913, freestanding mixed‑use building on Ely’s C‑1 commercial corridor; Main level has fully operational retail space currently operating as a liquor store; Basement includes 1,666 SF of storage