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$300,000

  • Sold
  • Closed
  • Commercial Service
  • 2,240 Sq. Ft.
  • 0.14 Acres
See This Home
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This is an amazing turnkey business opportunity in Ely, Minnesota. With over 22 years of successful operations, this laundromat has been kept up-to-date and well-maintained. There are 14 dryers, 9 top-loading washers, 8 front-loading washers, 2 triple-load washers, and 1 double-load washer. Nice clean 11x19 sitting/folding area with a flat-screen TV and plenty of counter space. Along with equipment upgrades, recent building upgrades include floor and ceiling tile in the main laundry area, vinyl siding, a new roof, air conditioning for the commercial laundry basement area, and newly installed plumbing pipes. There are 17+ resorts and personal accounts that contribute to its success with daily traffic counts of 7700 cars per day on Sheridan St. The property also features a spacious 3-bedroom furnished apartment which can be used as an extra income source or can be used as owner's quarters. Don't miss out on this unique chance to own your own business!

Full Property Details for 342 E Sheridan St

General

  • Sold For: $300,000
  • Taxes: $2,880 (2023)
  • Status: Closed
  • Type: Commercial Service
  • Source: 1402
  • MLS ID: 6108161
  • Added to Site: 977 day(s) ago

Business

  • Name: Speed Wash

Location

  • Area: R
  • County: St. Louis County
  • Driving Directions: From Ely city limits, stay on Sheridan Street. Follow to second stop light, property is at the end of the first block on the South side of Sheridan Street.

Heating & Cooling

  • Heating Type: Forced Air, Propane

Utilities

  • Sewer: Public Sewer
  • Water: City

Structural Information

  • Construction: Frame/Wood
  • Exterior Const.: Vinyl
  • Basement: Yes
  • Basement Desc.: Partial, Slab, Walk Out
  • Roof: Asphalt
  • Ceiling Height: 8-10 Feet
  • Stories/Levels: 2
  • Square Feet: 2,240
  • Current Bldg. Use: Laundromat
  • Year Built: 1910

Lot Features

  • Lot Size (Acres): 0.14
  • Lot Dimensions: 50 x 125

Financial Considerations

  • Price Per Sq. Ft.: $133.93
  • Tax Amount: $2,880
  • Tax Year: 2023
  • Terms: Cash, Conventional

Disclosures and Reports

  • Legal Description: Whitesides Addition to The Town of Ely, Lots 11 & 12
  • Inclusions: Business, Building, Fixture/Equipment, Land
  • Property ID: 030-0370-01030

Listed by Z' Up North Realty
Sold by Vermilion Land Office, Inc

Listing agent

— 342 E Sheridan St —

  • Z' Up North Realty

***

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NMLS#: 1598647

Get Pre-Approved

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Schools serving 342 E Sheridan St

School District:Ely Public School District
NameGradesDistance
Washington Elementary School, Ely, MN
520 East Harvey Street, Ely, MN 55731
PK-50.2 mi
Memorial Secondary
600 East Harvey Street, Ely, MN 55731
9-120.2 mi
Disclaimer: School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 342 E Sheridan St

Date
Details
Price
Change
Source
1/24/2025
Sold
$300,000
—
MLS
7/26/2024
Price Reduced
$300,000
-11.5%
MLS
5/24/2024
Price Reduced
$339,000
-2.87%
MLS
3/16/2024
Price Reduced
$349,000
-4.38%
MLS
11/15/2023
Price Reduced
$365,000
-8.75%
MLS
5/20/2023
Listed
$400,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Listed by Z' Up North Realty
Sold by Vermilion Land Office, Inc

Recent Sales near 342 E Sheridan St

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343 E Harvey St, Ely, MN 55731 - Photo 1 Sold
$265,000

343 E Harvey St  Ely, MN 55731

  • Single Family
  • Closed
  • 4
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  • 1
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Listed by Keller Williams Classic Realty NW - Ely
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  • 2,367
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Listed by Keller Williams Classic Realty NW - Ely
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1776 Grant McMahan Blvd, Ely, MN 55731 - Photo 1 Sold
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1776 Grant McMahan Blvd  Ely, MN 55731

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1340 Hidden Valley Rd, Ely, MN 55731 - Photo 1 Sold
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1340 Hidden Valley Rd  Ely, MN 55731

  • Single Family
  • Closed
  • 3
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  • 3
    Total Baths
  • 2,722
    Sq. Ft.
Listed by z' Up North Realty

342 E Sheridan St, Ely, MN 55731 (MLS# 6108161) is a Commercial Service property that was sold at $300,000 on January 24, 2025. Want to learn more about 342 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.