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    Ely, MN
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    Ely, MN Multifamily Properties for Sale

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    Isabella, MN Babbitt, MN Tower, MN Soudan, MN Embarrass, MN
    Multi-Building Commercial Property
    Updated: Jul 4
    Multi-Building Commercial Property

    429 E Sheridan St, Ely, MN 55731

    $219,000
    1,362 sqft
    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
    Guest house sleeps up to 8 guests with custom‑built bunk beds and includes a fully equipped kitchen and 3/4 bath
    Guest house improvements include updated electrical, newer cove electric heat, and newly insulated tongue‑and‑groove wood walls
    View details
    Turnkey Restaurant and Apartments
    Updated: Apr 25
    Turnkey Restaurant and Apartments

    216 E Sheridan St, Ely, MN 55731

    $390,000
    6,800 sqft
    Main Street commercial building formerly home to Ely Steak House for almost 30 years.
    Main level includes over 4,000 SF and is fully equipped for restaurant operation.
    Upper level has four apartments for immediate rental income.
    Property includes a total of about 6,800 SF combined restaurant and apartments.
    Flexible layout suited for a range of business concepts, including retail, hospitality, or mixed‑use development.
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    Partially Completed RV Resort
    Partially Completed RV Resort

    2121 E Camp St, Ely, MN 55731

    Contact for pricing
    20.00 AC lot

    RV resort with existing full-hookup sites, clubhouse improvements, caretaker housing, and room for additional development.

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    Turn a Listing Into an Investment Snapshot Cap Rate, Potential NOI, Demand score for every listing. Go To Analytics Center
    Mixed-Use Building in Downtown Ely
    Mixed-Use Building in Downtown Ely

    216 E Sheridan St, Ely, MN

    Contact for pricing
    8,078 sqft 0.14 AC lot

    Two-story building with restaurant and four apartments in Ely.

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    Based on your search, we've compiled 11 Potential Opportunities for your consideration. Besides 4 Active listings in Ely, MN, we suggest exploring several alternatives: 4 properties in Nearby Cities, and similar 3 Off-Market properties to explore as potential leads

    Opportunities in Nearby Cities

    Here are 4 Similar properties we found in Nearby Locations for your consideration.

    Seven-Bedroom Duplex
    Seven-Bedroom Duplex

    824 13th St. N, Virginia, MN 55792

    $71,900
    1,496 sqft

    Residential income property with R zoning and a required three-property sale structure.

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    Fully Rented Multifamily Property
    Fully Rented Multifamily Property

    824 13th St N, Virginia, MN 55792

    $71,900
    1,496 sqft

    Currently leased and offered only as part of a three-property package with two nearby Virginia properties.

    View details
    Updated Four-Unit Quadplex
    Updated Four-Unit Quadplex

    605 Main St, Tower, MN 55790

    $329,900
    4,464 sqft

    Historic building with four two-bedroom, one-bath residences and separately metered electricity for each unit.

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    Historic Mixed-Use Building
    Historic Mixed-Use Building

    601 Main St, Tower, MN 55790

    $339,900

    Two commercial suites and three upper-level apartments occupy a flexible building with storage, basement, garage, and shop space.

    View details

    Off-Market Properties in Ely, MN

    Consider similar Off-Market properties in Ely, MN. You may contact the owners directly to inquire about their potential intentions to sell. To help you make a strong first impression, we can assist by reaching out to these owners with compelling proposals created using our AI tool.

    127 1st E Ave
    APARTMENT HOUSE (5+ UNITS)

    127 1st E Ave, Ely, MN 55731-1261

    $285,000
    Estimated value
    4,476 sqft
    View details
    338 4th E Ave
    APARTMENT HOUSE (5+ UNITS)

    338 4th E Ave, Ely, MN 55731-1553

    $130,000
    Estimated value
    2,320 sqft
    View details
    100 2nd W Ave, Unit 2
    APARTMENT HOUSE (5+ UNITS)

    100 2nd W Ave, Ely, MN 55731-1168

    Unit 2
    $1,175,000
    Estimated value
    9,990 sqft
    View details

    Ely, MN Multifamily Properties Market Trends and Statistics

    Explore 7 multifamily properties for sale in Ely, MN, showcased through 4 active listings on our real estate platform. These investment opportunities span a total of 16,240 square feet of properties for sale, with an estimated market value of $609,000.

    Sale prices for multifamily properties in Ely, MN start at $219,000, averaging $304,500, and reaching up to $390,000 — offering options for a variety of budgets and business needs. Daily updated analytics ensure you stay ahead with the latest data and market trends.

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    Top Commercial Asset Segments

    Commercial property segments ranked by active listings on the market

    Apartment buildings 1
    Duplexes 1
    Mobile home & RV parks 1
    Quadplexes 1
    Short term rental properties 1

    Demographics Overview

    Population 5,292
    Population Growth (5Y) -10.5%
    Median Household Income $62,900
    College Educated 54.0%

    High-Yield Neighborhoods for Investment

    Identify Ely submarkets with the highest inventory density on the market and evaluate the average listing prices of real estate assets

    Neighborhood Average Price
    55731 $304.5K

    Taxes & Financing

    Tax Rate (average for all types) 1.56%
    Property Tax per SF $11.67 per SF
    Tax Rate vs County Average 1.02 pp below county avg
    Average Loan-to-Value 65.0%

    Listings Trend

    New vs delisted commercial listings in St. Louis County

    New Delisted

    Total CRE Inventory on Market (SF)

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