Remodeled Live-Work
729 East Sheridan Street Ely, MN 55731
For Sale
$245,000
Remodeled multi-level workspace with covered porch, hardwood floors, and flexible office-to-home business layout.
Property Size1,408 SF
Price / SF$174.01
Days on Market268
Property Features for 729 East Sheridan Street
General Information
- Standard status
- Active
- Size
- 1,408 SF
- Property subtype
- Commercial Sale / Mixed Use
Building Details
- Year Built
- 1915
Listing Agency:
Wildwoods Land Company
(218) 343-6169
Listed By:
Chris Eilrich · License #MN 40199284
(218) 343-6169
Source:
Compass
Added: Oct 29, 2025
Changed: Jul 23
Last Checked: Jul 23 at 11:14AM
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 Wildwoods Land Company
Investment Insights
Based on property information with market context.
This newly remodeled live-work building is laid out for professional office use with an easy transition into a home business. The main level includes an open greeting area, one back office, and a half bath. The second level features a large office, a full bathroom, and a sizable open area overlooking Whiteside Park.
Located on Sheridan Street, the property offers parking with a 2-car garage and off-street parking. A covered porch and hardwood floors are included.
The second level is already set up for a bedroom with a closet, and the main level is plumbed for a future kitchen, supporting flexible use of the space.
Located on Sheridan Street, the property offers parking with a 2-car garage and off-street parking. A covered porch and hardwood floors are included.
The second level is already set up for a bedroom with a closet, and the main level is plumbed for a future kitchen, supporting flexible use of the space.
Key Highlights
- Newly remodeled 2‑story building with flexible layout for professional office or home business
- Main level features open greeting area, back office, and 1/2 bath, plus plumbing for a future kitchen
- Second level includes a large office, full bathroom, and a large open area overlooking Whiteside Park
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 | $35.1k | $24.96 |
| − Vacancy | −$9.1k | −$6.46 |
| EGI | $26.0k | $18.50 |
| − OpEx | −$6.5k | −$4.62 |
| NOI | $19.5k | $13.87 |
1,408 SF · lease $24.96/SF/yr · vacancy 25.90% · expense 25.00%
Alternative Uses
Best Use
Mixed Use
$455.2K
$398.3K – $531.0K
NOI $31,861 @ 7.0% cap · market cap 13.00%
Second Best
Office B
$279.0K
$244.1K – $325.5K
NOI $19,531 @ 7.0% cap · market cap 7.97%
Theoretical Best
Specialty Retail
$546.2K
$477.9K – $637.2K
NOI $38,233 @ 7.0% cap · market cap 15.61%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Live-work space
FAQs
What type of property is this?
Live-work space - Remodeled multi-level workspace with covered porch, hardwood floors, and flexible office-to-home business layout.
Where is this live-work space located?
The property is located at 729 East Sheridan Street Ely, MN.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Newly remodeled 2‑story building with flexible layout for professional office or home business; Main level features open greeting area, back office, and 1/2 bath, plus plumbing for a future kitchen; Second level includes a large office, full bathroom, and a large open area overlooking Whiteside Park
