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$275,000 -$10,000 (-3.51%) Price Reduced

  • For Sale
  • Active
  • Commercial
  • 2,994 Sq. Ft.
  • 0.147 Acres
  • Updated 2 days ago
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Strategic Commercial + Income Property on Sheridan Street, Ely - Exceptional Traffic & Dual Rental Potential. 3,000+ sq ft commercial building available for the first time. Plenty of off-street parking as well! Located on Ely's principal business corridor it features four large display windows, making it an ideal space for showcasing merchandise. Surrounded by shops, outfitters, galleries, and eateries-this property taps into both local residents and transient recreation customers. Dual Income Streams: Property includes two rentable 1-bedroom apartments, generating extra income alongside commercial use. The retail space easily divides into two separate units-ideal for multiple tenants or increased rental turnover. Traffic Exposure: Sheridan Street boasts approximately 7,700 vehicles per day, driven by Ely's strong tourism traffic-including visitors en route to the Boundary Waters Canoe Area Wilderness, state parks, resorts, and outdoor recreation destinations. Ely is a Tourism Magnet

Full Property Details for 120 E Sheridan St

General

  • Price: $275,000
  • Taxes: $4,294 (2025)
  • Status: Active
  • Type: Commercial
  • Source: NorthStarMLS_RMLS
  • MLS ID: 6785343
  • Updated: 3/27/2026
  • Added to Site: 200 day(s) ago

Rooms

Bathrooms

  • Total Bathrooms: 4

Bedrooms

  • Total Bedrooms: 2

Parking

  • Parking Features: Other, Parking Lot, Unassigned

Location

  • County: St. Louis
  • Township: Ely
  • Subdivision: Ely
  • Driving Directions: Sheridan Street to Address

School Information

  • School District: 2190 - Ely
  • High School District: Ely

Heating & Cooling

  • Central air: Yes
  • Cooling Type: Central Air
  • Heating Type: Forced Air
  • Heating Fuel: Oil

Utilities

  • Sewer: City Sewer Connected
  • Water: City Water (Connected)
  • Utility Description: Heating Separate, Hot Water Separate

Structural Information

  • Basement: Yes
  • Basement Desc.: Full
  • Foundation Size: 2994
  • Roof: Flat
  • Ceiling Height: 8-10
  • Disability Access: None
  • Square Feet: 2,994
  • Finished Down/Base.: 2,994 Sq. Ft.
  • Current Bldg. Use: Other, Retail
  • Year Built: 1910

Lot Features

  • Lot Size (Acres): 0.147
  • Lot Dimensions: 126.00 x 51.00
  • Frontage: City Street
  • Zoning: Business/Commercial

Financial Considerations

  • Tax Amount: $4,294
  • Tax Year: 2025
  • Terms: Conventional, Cash

Disclosures and Reports

  • Legal Description: ALL LOTS 5 & 6 & WLY 1.40 FT OF LOT 7
  • Inclusions: Building
  • Property ID: 30001001100

Listed by Z'Up North Realty, Inc.

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— 120 E Sheridan St —

  • Z'Up North Realty, Inc.

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NMLS#: 1598647

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NMLS#: 1598647

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Save up to an additional 20% by bundling your home and auto together!

Schools serving 120 E Sheridan St

School District:Ely Public School District
NameGradesDistance
Washington Elementary School, Ely, MN
520 East Harvey Street, Ely, MN 55731
PK-50.3 mi
Memorial Secondary
600 East Harvey Street, Ely, MN 55731
9-120.3 mi
Disclaimer: School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 120 E Sheridan St Get Price Alerts and Save Property

Date
Details
Price
Change
Source
3/27/2026
Price Reduced
$275,000
-3.51%
MLS
9/10/2025
Listed
$285,000
—
MLS
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 120 E Sheridan St

Year
Property Taxes
Change
Tax Assessment
Change
2025
$4,534
2%
$199,100
30%
2024
$4,448
14%
$153,000
—
2023
$3,910
-5%
$153,000
—
2022
$4,132
1%
$153,000
—
2020
$4,084
2%
$153,000
—
2019
$4,016
—
$153,000
1%
2018
$4,016
-14%
$151,700
—
2017
$4,672
-12%
$151,700
-15%
2016
$5,314
-9%
$178,800
-8%
2015
$5,856
-1%
$193,800
—
2014
$5,929
-2%
$193,800
—
2013
$6,062
—
$193,800
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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Listed by Z'Up North Realty, Inc.

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120 E Sheridan Street, Ely, MN 55731 (MLS# 6785343) is a Commercial property. 120 E Sheridan Street is currently listed for $275,000 and was received on September 10, 2025. Want to learn more about 120 E Sheridan Street? Do you have questions about finding other Commercial real estate for sale in Ely? You can browse all Ely real estate or contact a Coldwell Banker agent to request more information.

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