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    Ely, MN
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    Ely, MN Residential Income Properties for Sale

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    Babbitt, MN Soudan, MN Tower, MN
    Ely Mixed-Use Income Property
    $275,000
    3,768 SF

    Ely Mixed-Use Income Property

    120 E Sheridan Street, Ely, MN 55731

    Commercial building with income-generating apartments in high-traffic location.

    • High‑traffic location on Sheridan Street (7,700 vehicles/day) in Ely's main business corridor, ideal for attracting customers.
    • Dual income potential from commercial space and two rentable 1‑bedroom apartments.
    • Versatile commercial space divisible into two separate units for multiple tenants or increased rental income.
    • 3,000+ sq ft commercial building with four large display windows for showcasing merchandise.
    • Located in a tourism‑rich area near the Boundary Waters Canoe Area Wilderness, state parks, and resorts.
    Updated: Mar 27
    View details
    Mixed-Use Building in Downtown Ely
    $390,000
    8,078 SF

    Mixed-Use Building in Downtown Ely

    216 E Sheridan St, Ely, MN

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

    • Prime downtown Ely location on Highways 1/169.
    • Multi‑purpose commercial real estate with restaurant and apartments.
    • Restaurant space of 4,014 sq. ft. with seating for 150.
    • Four residential rental units on the second floor.
    • Income potential from 3 out of 4 rented apartment units.
    Updated: Aug 1, 2024
    View details
    Based on your search, we've compiled 14 Potential Opportunities for your consideration. Besides 2 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.

    Hibbing Duplex with Long-Term Tenants
    $95,000
    1,968 SF

    Hibbing Duplex with Long-Term Tenants

    Well-maintained, fully leased duplex in Hibbing, Minnesota.

    130 E 16th Street, Hibbing, MN 55746
    View details
    Hibbing Duplex with Long-Term Tenants
    $95,000
    1,346 SF

    Hibbing Duplex with Long-Term Tenants

    Fully rented duplex in Hibbing with off-street parking.

    124 E 17th St, Hibbing, MN 55746
    View details
    Updated Mixed-Use Investment Opportunity
    $950,000
    3,304 SF

    Updated Mixed-Use Investment Opportunity

    Updated mixed-use property with apartments and commercial spaces in Biwabik,MN.

    400 Main S Street, Biwabik, MN 55708
    View details
    Biwabik Mixed-Use Investment Opportunity
    $950,000
    3,304 SF

    Biwabik Mixed-Use Investment Opportunity

    Updated mixed-use property with apartments and commercial spaces in Biwabik, MN.

    400 Main Street S, Biwabik, MN 55708
    View details

    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.

    Land For Sale
    $162,500

    Land For Sale

    Land available on Lake Vermilion Reservation Road.

    80052 Tamarack Trail, Tower, MN 55790
    View details
    Land For Sale
    $115,500

    Land For Sale

    Land available near Lake Vermilion.

    80012 Conifer Crest, Tower, MN 55790
    View details
    Lake Vermilion Building Site
    $598,500
    6.20 Acres

    Lake Vermilion Building Site

    6.2 acre building site with 402 ft shoreline.

    Parcel C S Niles Bay Forest Road, Orr, MN 55771
    View details
    Lake Vermilion Building Site
    $548,500
    7.40 Acres

    Lake Vermilion Building Site

    7.4 acre lot with 320 ft shoreline on Niles Bay.

    Parcel A S Niles Bay Forest Road, Orr, MN 55771
    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

    127 1st E Ave

    APARTMENT HOUSE (5+ UNITS) • 4,476 SF
    Value Estimation by Request
    127 1st E Ave, Ely, MN 55731-1261
    View details
    338 4th E Ave

    338 4th E Ave

    APARTMENT HOUSE (5+ UNITS) • 2,320 SF
    Value Estimation by Request
    338 4th E Ave, Ely, MN 55731-1553
    View details
    100 2nd W Ave, Unit 2

    100 2nd W Ave, Unit 2

    APARTMENT HOUSE (5+ UNITS) • 9,990 SF
    Value Estimation
    $1,175,000
    100 2nd W Ave, Ely, MN 55731-1168
    View details
    2121 Camp St

    2121 Camp St

    Mixed-use properties • 20.00 Acres
    Value Estimation by Request
    2121 Camp St, Ely, MN 55731
    View details

    Ely, MN Residential Income Properties Investment Opportunities Market Analysis

    Explore 6 residential income properties for sale in Ely, MN on our real estate platform. These investment opportunities span a total of 11,846 square feet of properties for sale, with an estimated market value of $665,000.

    Sale prices for residential income properties in Ely, MN start at $275,000, averaging $332,500, 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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    6-Month New Listing Trend

    Monthly new listing volume vs. 6-month average in Ely.

    Top Commercial Asset Segments

    Multifamily properties 2
    Apartment buildings 1
    Duplexes 1

    Demographics Overview

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

    High-Yield Neighborhoods for Strategic Investment

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

    Neighborhood Average Price
    55731 $275K

    Taxes & Financing

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

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