$390,000
216 E Sheridan St Ely, MN 55731
For Sale MLS# 6124763
6,800 sq ft Commercial
Details for 216 E Sheridan St
MLS# 6124763
Description for 216 E Sheridan St, Ely, MN, 55731
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.
Listing Information
Property Type: Commercial
Status: Active
Lot Size: 0.14 Acres
Square Feet: 6,800 sq ft
Year Built: 1910
Stories: 2 Story
Construction: Frame/Wood
Number Of Units Total: 5
County: St. Louis
Interior Features
Additional Interior Features: Smoke Detectors, Kitchen Area, Restrooms, Security System, Bar Area, Fire Alarm
Utilities
Water: City
Sewer: City
Cooling: Ductless Mini Split
Heating: Boiler, Fireplace, Forced Air, Propane, Oil
Exterior / Lot Features
Attached Garage: Attached Garage
Parking Description: Off Street Parking, Attached Garage, Driveway - Gravel, Garage Door Opener
Exterior: Wood, Stucco
Roof: Rubber
Lot Dimensions: 50 x 125
Additional Exterior/Lot Features: Fire Stairs, Road Frontage - City, Sidewalk, US Highway, Street Lights
Community Features
Security Features: Security Lighting
Driving Directions
In Ely, travel Sheridan Street to 216 on the south side of the road.
Financial Considerations
Terms: Cash,Conventional
Tax/Property ID: 030-0010-00980
Tax Amount: 6311
Tax Year: 2026
A broker reciprocity listing courtesy: Bear Island Realty LLC - Kate Davies
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity℠ Program of the Duluth Area Association of REALTORS® MLS. Real estate listings held by brokerage firms other than Edina Realty, Inc. are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail and detailed information about them includes the name of the listing brokers. Edina Realty, Inc. is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of Edina Realty, Inc., a broker Participant of the Duluth Area Association of REALTORS® MLS. 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. Open House information is subject to change without notice. Information deemed reliable but not guaranteed.
Copyright 2026 Duluth Area Association of REALTORS® MLS. All Rights Reserved.
Payment Calculator
Interest rate and annual percentage rate (APR) are based on current market conditions, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Contact us for details. Additional loan programs may be available. Accuracy is not guaranteed, and all products may not be available in all borrower's geographical areas and are based on their individual situation. This is not a credit decision or a commitment to lend.
Sales History & Tax Summary for 216 E Sheridan St
Sales History
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Tax Summary
| Tax Year | Estimated Market Value | Total Tax |
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Data powered by ATTOM Data Solutions. Copyright© 2026. Information deemed reliable but not guaranteed.
Schools
Schools nearby 216 E Sheridan St
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Data powered by ATTOM Data Solutions. Copyright© 2026. Information deemed reliable but not guaranteed.
The schools shown represent both the assigned schools and schools by distance based on local school and district attendance boundaries. Attendance boundaries change based on various factors and proximity does not guarantee enrollment eligibility. Please consult your real estate agent and/or the school district to confirm the schools this property is zoned to attend. Information is deemed reliable but not guaranteed.
SchoolDigger ® Rating
The SchoolDigger rating system is a 1-5 scale with 5 as the highest rating. SchoolDigger ranks schools based on test scores supplied by each state's Department of Education. They calculate an average standard score by normalizing and averaging each school's test scores across all tests and grades.
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