$395,000
401 E Sheridan St Ely, MN 55731
For Sale MLS# 6124235
4,820 sq ft Commercial
Details for 401 E Sheridan St
MLS# 6124235
Description for 401 E Sheridan St, Ely, MN, 55731
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.
Listing Information
Property Type: Commercial
Status: Active
Bathrooms: 1
Lot Size: 0.29 Acres
Square Feet: 4,820 sq ft
Year Built: 1913
Stories: 2 Story
Construction: Frame/Wood
Number Of Units Total: 2
County: St. Louis
Room Information
Bathrooms
1/2 Baths: 1
Interior Features
Additional Interior Features: Kitchen Area, Restrooms, Security System
Utilities
Water: City
Sewer: City
Cooling: Ductless Mini Split
Heating: Ductless/Mini Split, Boiler, Electric
Exterior / Lot Features
Parking Description: Detached Garage, Driveway - Asphalt, Off Street Parking
Exterior: Wood, Vinyl, Brick
Roof: Rubber, Asphalt Shingles
Lot Dimensions: 100' x 125'
Additional Exterior/Lot Features: Road Frontage - City, County
Unit Information
Unit 1 Baths Total: 1
Unit 1 Rooms Total: 7
Unit 2 Baths Total: 2
Unit 2 Beds Total: 4
Unit 2 Rooms Total: 8
Driving Directions
401 E Sheridan in the town of Ely, MN.
Financial Considerations
Terms: Cash,Conventional
Tax/Property ID: 030-0370-00680, 030-0370-00690, 030-0370-00710
Tax Amount: 7323
Tax Year: 2026
A broker reciprocity listing courtesy: Keller Williams Classic Realty NW - Ely - Lori Schulze
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 401 E Sheridan St
Sales History
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Tax Summary
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Data powered by ATTOM Data Solutions. Copyright© 2026. Information deemed reliable but not guaranteed.
Schools
Schools nearby 401 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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