429 E Sheridan St Ely, MN 55731
Three updated buildings offer flexible space for retail or office use, plus a renovated guest house and workshop.
- Added:
- Jul 4, 2026
- Days on Market:
- 8
- Last Refresh:
- Jul 10 at 2:05 am
Property Features for 429 E Sheridan St
General Information
- Standard status
- Active
- Size
- 1,362 SF
Listing office Bear Island Realty LLC (218) 349-5595
Listing date Jul 4, 2026
Source Exprealty
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.
The guest house has been thoughtfully renovated and includes custom-built bunk beds and bed frames designed to accommodate up to eight guests. Improvements reported for the guest house include updated electrical, newer cove electric heat, newly insulated walls finished with tongue-and-groove wood, a fully equipped kitchen, and a 3/4 bath with ceramic tile flooring and backsplash.
The landscaped grounds feature stone pathways, decorative rock accents, and ample off-street parking, providing an inviting setting for guests or customers alongside the workshop building.
Key Highlights
- Property with 3 separate buildings: main kit log structure, guest house, and workshop
- Main building features a covered 8' x 22' front porch, loft space, and generous storage for retail, office, or other business use
- Recent main building updates include newer flooring, LP heating, blinds, metal roof, exterior stain, and fencing
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $34.0k | $24.96 |
| − Vacancy | −$8.8k | −$6.46 |
| EGI | $25.2k | $18.50 |
| − OpEx | −$6.3k | −$4.62 |
| NOI | $18.9k | $13.87 |
