401 E Sheridan St
Ely, Minnesota, 55731, United States
4,820
ft²
0.29
acres
-
beds
-
baths
Property Provided By
- Lori Schulze
- Keller Williams Classic Realty NW - Ely
- +1 (218) 343-1787
Connect with local buyer agents who are willing to offer commission savings!
Property Information
Few properties can claim both a century of history and a front-row seat to everything that makes Ely one of Minnesota's most beloved destinations. 401 E Sheridan Street is one of them. Built in 1913 and anchored in Ely's C-1 commercial corridor, this freestanding mixed-use building delivers the kind of bones that developers and entrepreneurs dream about — generous square footage, a flexible footprint, and a location that puts you squarely in the flow of year-round traffic. The main level spans a fully operational retail floor, currently running as a liquor store, with 1,666 SF of basement storage below. Upstairs, a spacious four-bedroom, two-bathroom apartment offers a private deck and detached garage — ideal for an owner-operator, long-term tenant, or short-term rental income stream. Total building size comes in at 6,486 SF across three levels, giving a new owner plenty of room to work with. Ely's appeal is no secret. As the gateway to the Boundary Waters Canoe Area Wilderness, and built on a deeply rooted sense of community — this is a town with a loyal local base and a steady stream of visitors who keep coming back. With historic charm, a prime location, and real redevelopment potential, this property is an exceptional opportunity for an investor or entrepreneur ready to plant roots in a beloved Northwoods community.
Directions
401 E Sheridan in the town of Ely, MN.
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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 19:48:03. Some properties which appear for sale on this website may subsequently have sold or may no longer be available.
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Property Provided By
- Lori Schulze
- Keller Williams Classic Realty NW - Ely
- +1 (218) 343-1787
Connect with local buyer agents who are willing to offer commission savings!
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