Freestanding Mixed-Use
For Sale
$395,000
401 E Sheridan St, Ely, MN 55731
Freestanding building with operational ground-floor retail and an upstairs four-bedroom apartment with private deck and detached garage.
Property Size4,820 SF
Price / SF$81.95
Days on Market152
Property Features for 401 E Sheridan St
General Information
Standard status
Active
Size
4,820 SF
Zoning
C-1
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,323
Building Details
Year Built
1913
Stories
3
Listing Agency:
Keller Williams Classic Realty NW - Ely
(218) 343-1787
Listed By:
Lori Schulze
(218) 343-1787
Source:
Exprealty
Added: Mar 29
Changed: Aug 21
Last Checked: Aug 26 at 10:53AM
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 Keller Williams Classic Realty NW - Ely
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.
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
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
539
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
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
