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    Ely, MN
    Quadplex

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    Isabella, MN Babbitt, MN Tower, MN Soudan, MN
    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.
    View details
    See hot listings in Ely

    Scored against comparables nationwide. These are worth a look.

    Scored against comparables nationwide. These are worth a look.

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    Based on your search, we've compiled 5 Potential Opportunities for your consideration. Besides 1 Active listings in Ely, MN, we suggest exploring several alternatives: 4 properties in Nearby Cities

    Opportunities in Nearby Cities

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

    Updated Quadplex With Tuck-Under Garage
    Updated Quadplex With Tuck-Under Garage

    1529 E 5th St, Duluth, MN 55812

    $620,000
    3,050 sqft

    Four-unit building with private storage, dedicated parking, and upgraded mechanical systems.

    View details
    Quadplex with Detached Garages
    Quadplex with Detached Garages

    12 Linney St, Babbitt, MN 55706

    $425,000
    3,460 sqft

    Four rented apartments provide an established residential rental configuration with shared laundry.

    View details
    Fully Rented Quadplex
    Fully Rented Quadplex

    2 And 4 S 16th Ave E, Duluth, MN 55812

    $399,900
    700 sqft

    Existing occupancy and coin-operated laundry support this four-unit residential income property.

    View details
    Updated Four-Unit Apartment Property
    Updated Four-Unit Apartment Property

    12 Linney St, Babbitt, MN 55706

    $425,000
    3,460 sqft

    Babbitt multifamily property with private and shared laundry, detached garages, and recent exterior improvements.

    View details

    Ely, MN Quadplexes Market Trends and Statistics

    Explore 1 quadplexes for sale in Ely, MN on our real estate platform. These investment opportunities span a total of 6,800 square feet of properties for sale, with an estimated market value of $390,000.

    Sale prices for four-unit buildings in Ely, MN average $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

    Duplexes 1
    Mobile home & RV parks 1
    Quadplexes 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 $390K

    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)

    Average Property Price per SF

    For-sale pricing trends across core commercial property types in St. Louis County

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    • 55731

    Featured Ely Real Estate Agencies

    Realmo connects you with licensed Ely CRE brokers providing property specifications, local market pricing, and commercial transaction underwriting support.

    Bear Island Realty, LLC
    943 E Sheridan St Ely, MN
    Phone: (218) 365-2800
    Wildwoods Land Company
    1325 E Sheridan St Ely, MN
    Phone: (218) 365-3665
    www.elywildwoods.com
    Canoe Capital Realty LLC
    203 E. Sheridan St Ely, MN 55731
    Phone: (218) 235-1084
    elycanoecapitalrealty.com/
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