216 E Sheridan St
Ely, Minnesota, 55731, United States
6,800
ft²
0.14
acres
-
beds
-
baths
Property Provided By
- Kate Davies
- Bear Island Realty LLC
- +1 (218) 343-9173
Connect with local buyer agents who are willing to offer commission savings!
Property Information
Position your business for success in one of Ely’s most iconic commercial spaces. Formerly home to the highly successful Ely Steak House for almost 30 years, this prime Main Street property is now available for purchase. The main level offers over 4,000 square feet and is fully equipped for restaurant operation, making it a turnkey opportunity for restaurateurs. At the same time, the flexible layout allows for a wide range of business concepts and high demand uses. Anything from retail to hospitality or mixed-use development would fit well here. Adding significant value, the upper level includes four apartments, providing immediate rental income from day one, creating a strong foundation for cash flow and long-term investment potential. With its high-visibility location, steady foot traffic, and proven history of success, this property presents a rare opportunity to establish or expand your business in the heart of Ely. This opportunity combines an ideal location with multiple income streams with endless potential.
Directions
In Ely, travel Sheridan Street to 216 on the south side of the road.
Source Disclaimer
The data relating to real estate for sale on this website comes in part from the Internet Data exchange (IDX) program of the Lake Superior Area REALTORS®, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. Copyright ©2026 Lake Superior Area REALTORS®, Inc. All rights reserved.
Information herein is deemed reliable but not guaranteed and is provided exclusively for consumers personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This content last updated on 2026-09-15 19:47:56. Some properties which appear for sale on this website may subsequently have sold or may no longer be available.
Ask AI about this property
Have questions about this property? Our AI can provide detailed answers based on the property information and uploaded documents.
AI Response:
This information is generated by AI based on available property data and documents. Please verify important details independently.
Example questions you can ask:
- • What are the property taxes for this home?
- • Tell me about the neighborhood and local amenities
- • What financing options are available?
- • Are there any known issues with the property?
- • What upgrades or renovations have been made?
Property Provided By
- Kate Davies
- Bear Island Realty LLC
- +1 (218) 343-9173
Connect with local buyer agents who are willing to offer commission savings!
Other Properties in the Area
Log in
- Invalid credentials