Date
Details
Price
Change
Source
4/24/2026
Listed
$390,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
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1/98
$390,000 Just Listed
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Property Description
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.
Full Property Details
Full Property Details for 216 E Sheridan St
General
- Price: $390,000
- Taxes: $6,311 (2026)
- Status: Active
- Type: Commercial Service
- Source: 1402
- MLS ID: 6124763
- Updated: 4/25/2026
- Added to Site: 4 day(s) ago
Rooms
Other Rooms
- Kitchen: Cookware/Utensils, Dishwasher, Fryer, Freezer, Grill, Ice Machine, Prep Station, Oven, Shelving & Racks, Refrigerator, Walk In Cooler/Freezer, Warming Table
Additional Information
- Other Features: Security System, Bar Area, Fire Alarm, Fire Stairs, Kitchen Area, Restrooms, Security Lighting, Smoke/Fire Alarm
Parking
- Parking Features: Attached Garage, Gravel, Garage Door Opener, Off Street
Location
- Area: R
- County: St. Louis County
- Driving Directions: In Ely, travel Sheridan Street to 216 on the south side of the road.
Heating & Cooling
- Cooling Type: Ductless Mini-Split
- Heating Type: Boiler, Fireplace(s), Forced Air, Propane, Oil
Utilities
- Sewer: Public Sewer
- Water: City
Structural Information
- Construction: Frame/Wood
- Exterior Const.: Stucco, Wood
- Basement: Yes
- Basement Desc.: Full
- Foundation: Poured Concrete
- Roof: Rubber
- Ceiling Height: 8-10 Feet, 16-20 Feet
- Stories/Levels: 2
- Square Feet: 6,800
- Current Bldg. Use: Other
- Year Built: 1910
Lot Features
- Lot Size (Acres): 0.14
- Lot Dimensions: 50 x 125
- Frontage: Highway, Sidewalks, Street Lights, City Street
- Zoning: Business/Commercial
Financial Considerations
- Price Per Sq. Ft.: $57.35
- Tax Amount: $6,311
- Tax Year: 2026
- Terms: Cash, Conventional
Disclosures and Reports
- Legal Description: Lots 5 & 6, Block 9, Ely
- Inclusions: Building
- Property ID: 030-0010-00980
Listed by Bear Island Realty LLC
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Listing agents
— 216 E Sheridan St —
Bear Island Realty LLC
Bear Island Realty LLC
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NMLS#: 1598647
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Schools
Schools serving 216 E Sheridan St
School District:Ely Public School District
| Name | Grades | Distance |
|---|---|---|
Washington Elementary School, Ely, MN 520 East Harvey Street, Ely, MN 55731 | PK-5 | 0.3 mi |
Memorial Middle School 600 East Harvey Street, Ely, MN 55731 | 6-8 | 0.3 mi |
Memorial Secondary 600 East Harvey Street, Ely, MN 55731 | 9-12 | 0.3 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 216 E Sheridan St
Tax History
Tax History for 216 E Sheridan St
Year
Property Taxes
Change
Tax Assessment
Change
2026
$6,636
5%
$245,700
—
2025
$6,312
2%
$244,600
14%
2024
$6,178
6%
$215,000
—
2023
$5,848
-8%
$215,000
—
2022
$6,354
—
$215,000
—
2020
$6,326
1%
$215,000
—
2019
$6,252
5%
$215,000
—
2018
$5,976
-13%
$215,800
—
2017
$6,900
-15%
$215,800
-15%
2016
$8,108
-11%
$254,300
-8%
2015
$9,072
-1%
$277,000
—
2014
$9,189
-2%
$277,000
—
2013
$9,375
—
$277,000
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 216 E Sheridan St
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- Single Family
- Active
- Updated 3 days ago
- 2Beds
- 3Total Baths
- 2,673Sq. Ft.
Listed by Whitetail Properties Real Estate
- Single Family
- Active
- Updated 10 hours ago
- 3Beds
- 2Total Baths
- 1,444Sq. Ft.
Listed by Z'Up North Realty, Inc.
- Single Family
- Active
- Updated 2 hours ago
- 2Beds
- 1Total Bath
- 823Sq. Ft.
Listed by eXp Realty
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- Single Family
- Active
- Updated 1 day ago
- 2Beds
- 1Total Bath
- 1,032Sq. Ft.
Listed by Vermilion Land Office, Inc.
- Single Family
- Active
- Updated 5 days ago
- 2Beds
- 1Total Bath
- 624Sq. Ft.
Listed by Janisch Realty, Inc
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- Single Family
- Closed
- Updated 1 day ago
- 2Beds
- 2Total Baths
- 1,222Sq. Ft.
Listed by Vermilion Land Office, Inc.
Sold by Northwoods Land Office, Inc
Sold by Northwoods Land Office, Inc
- Single Family
- Closed
- Updated 3 days ago
- 2Beds
- 2Total Baths
- 1,222Sq. Ft.
216 E Sheridan St, Ely, MN 55731 (MLS# 6124763) is a Commercial Service property. 216 E Sheridan St is currently listed for $390,000 and was received on April 24, 2026. Want to learn more about 216 E Sheridan St? Do you have questions about finding other Commercial Service real estate for sale in Ely? You can browse all Ely real estate or contact a Coldwell Banker agent to request more information.