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    Ely, MN
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    Isabella, MN Babbitt, MN Tower, MN Soudan, MN Embarrass, 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.
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    Turn Any Listing Into an Investment Snapshot Owner equity, real caprate, demand score for every listing. Go To Analytics Center
    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.

    Turnkey Four-Unit Multifamily Property
    Turnkey Four-Unit Multifamily Property

    1529 E 5th St, Duluth, MN 55812

    $640,000
    3,050 sqft 0.09 AC lot

    Impeccably maintained four-unit building with refinished hardwood, updated mechanicals, and a tuck-under garage with dedicated parking.

    View details
    Rented Fourplex Income Property
    Rented Fourplex Income Property

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

    $399,900
    2,872 sqft 0.08 AC lot

    Fully rented fourplex includes coin-operated laundry for added on-site income.

    View details
    Mixed-Use Commercial Building
    Mixed-Use Commercial Building

    601 Belknap St, Superior, WI 54880

    $295,000
    2,000 sqft 0.14 AC lot

    Flexible main-level office/retail space with two upper apartments, plus a detached 24-by-24 garage and off-street parking.

    View details
    Four-Unit Residential Income Property
    Four-Unit Residential Income Property

    1605 Hughitt Ave, Superior, WI 54880

    $300,000

    Four apartments on a corner lot with off-street parking, including a main-floor unit with in-unit washer and dryer.

    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 4
    Apartment buildings 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%

    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

    Retail

    Office

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