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    Ely, MN
    Residential Income

    Ely, MN Residential Income Properties for Sale

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    Isabella, MN Babbitt, MN Tower, MN Soudan, MN Embarrass, MN
    Mixed-Use Property with Apartments
    Updated: Jul 19
    Mixed-Use Property with Apartments

    120 E Sheridan Street, Ely, MN 55731

    $219,000
    3,000+ square foot mixed‑use building with commercial space and two rentable 1‑bedroom apartments
    Commercial area can be separated into two distinct units
    Four large display windows face the business corridor
    Approximately 7,700 vehicles per day on Sheridan Street
    Zoned com
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    Updated Duplex With Separate Laundry
    Updated: Sep 17
    Updated Duplex With Separate Laundry

    218 N 1st Ave E, Ely, MN 55731

    $198,500
    1,636 sqft
    1,636‑square‑foot duplex with two independent living spaces
    Main‑level residence with 1+ bedrooms, updated full bath, mudroom, and main‑floor laundry
    Upper‑level one‑bedroom apartment with renovated open‑concept living areas
    Separate laundry setups serve both residences
    Completed, fully compliant sewer lateral
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    Turnkey Restaurant and Apartments
    Turnkey Restaurant and Apartments

    216 E Sheridan St, Ely, MN 55731

    $390,000
    6,800 sqft

    Purchase a fully equipped restaurant space with four apartments above, totaling about 6,800 square feet.

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    See hot listings in Ely

    Scored against comparables nationwide. These are worth a look.

    Scored against comparables nationwide. These are worth a look.

    Cap Rate available after sign in
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    Local Demand available after sign in
    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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    Based on your search, we've compiled 16 Potential Opportunities for your consideration. Besides 4 Active listings in Ely, MN, we suggest exploring several alternatives: 4 properties in Nearby Cities, and similar 4 Off-Market properties to explore as potential leads, plus 4 Land Listings that present a potential for development.

    Opportunities in Nearby Cities

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

    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.

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    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.

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    Cooperative RV Park Interest
    Cooperative RV Park Interest

    TBD 24 Lake Ave S, Tower, MN 55790

    $49,900
    0.05 AC lot

    Designated recreational vehicle lot with a boat slip, on-site sewer and water, and 50-amp electrical service.

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    RV Resort Cooperative Lot
    RV Resort Cooperative Lot

    TBD 5 Lake Ave S, Tower, MN 55790

    $49,900
    0.05 AC lot

    Cooperative RV resort interest with a boat slip, utility connections, and 50-amp electrical service.

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    Potential Development Sites for Consideration

    Can't find the perfect fit? These Land listings present an alternative path: the potential to develop a property for your specific goals.

    Important: These AI-suggestions are a starting point, not a guarantee of permitted use. All zoning, permitting, and land use information must be independently verified by you with the appropriate local authorities before making any commitments.

    Burntside Lake 5-Acre Island Parcel
    Burntside Lake 5-Acre Island Parcel

    Waters Island, Ely, MN 55731

    $945,000
    5.30 AC lot

    Spectacular Burntside Lake property with south and west facing exposure.

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    Lake Vermilion Waterfront Land
    Lake Vermilion Waterfront Land

    Pine Narrows lot: 10, Tower, MN 55790

    $189,000
    6.00 AC lot

    6-acre waterfront land with 821 ft shoreline on Lake Vermilion.

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    Lake Vermilion Building Lot
    Lake Vermilion Building Lot

    5773 Lake Vermilion N, Tower, MN 55790

    $124,500
    4.60 AC lot

    4.6 acre lot with 250 ft shoreline on Lake Vermilion.

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    Land For Sale
    Land For Sale

    80052 Tamarack Trl, Tower, MN 55790

    $162,500

    Land available on Lake Vermilion Reservation Road.

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    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

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

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

    Estimated value:
    $130,000
    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
    Estimated value:
    $1,175,000
    9,990 sqft
    View details

    Ely, MN Residential Income Properties Market Trends and Statistics

    Explore 8 residential income properties for sale in Ely, MN, showcased through 4 active listings on our real estate platform. These investment opportunities span a total of 8,436 square feet of properties for sale, with an estimated market value of $807,500.

    Sale prices for residential income properties in Ely, MN start at $198,500, averaging $269,166, 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

    Multifamily properties 3
    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 $269.2K

    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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    Residential Income

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