6,800 sqft

$390,000

216 E Sheridan St, Ely MN, 55731

Price per sqft$57.35

Built in1910

Property size6,800 sqft

Property typeCommercial

Courtesy of Bear Island Realty LLC, Kate Davies Listing Contact: ***

Overview

Active

Listed Apr 24, 2026

Updated Jun 5

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.

Other Property Details

Taxes: $6,311
Tax Frequency: Annually
Garage: Yes

Listings courtesy of Lake Superior Area REALTORS® as distributed by MLS GRID

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Based on information submitted to the MLS GRID as of 1:40 PM UTC on 6/5/2026. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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