This exceptionally located commercial office property sits directly adjacent to Elyâ??s Whiteside Park, offering excellent visibility and convenience on Elyâ??s main street. The spacious main level features an inviting front porch with wall-to-wall windows, a large open office or reception space, a private office or conference room connected by French doors, and a generous breakroom or work area with direct access to the rear of the building. The upper level provides additional private offices and a restroom, allowing for flexible use and expansion. Highlights include original woodwork details, updated windows throughout, a newer furnace, added insulation, a two-stall garage, and a full, dry basement ideal for storage. Set on two city lots, this versatile property offers ample space, character, and a prime location for a variety of professional uses.
Commercial building in downtown Ely. Two levels for a total of 6,900 square feet with each level having 3,450 square feet. The main level features 2 private rooms with tile floors, a huge open space with tile flooring, and 2 bathrooms. There is a utility room with the furnace and electrical system plus 2 overhead garage doors that can be redone to access the main level from the back of the building. The second level has most recently been a billiard hall and has a large open room, a second room with a stage, kitchen and 2 bathrooms. There is also a private room that could be an office. There is a deck/patio area at the back of the building. Separate private entrances for each level, lending itself to two separate business ventures. This property has great potential for your business in the heart of downtown Ely.
Newly remodeled building designed for a professional office venture or home business. The main level has an open greeting area, one back office and a 1/2 bath. The second level has large office, full bathroom and a large open area overlooking Whiteside Park. The current layout was designed as office space with an easy transition into a home business. The upstairs is already set up for a bedroom with closet and the main level is plumbed for a future kitchen. Some of the other features include hardwood floors and a covered porch, Located right on Sheridan Street with good parking as well as a 2 car garage and off-street parking.
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
Solid cold Storage 36 x 38 building. Past owners were Rod Loe and this building was used for year by the Zorman Family for Beverage storage. Originally an elevated semi-truck garage to load and unload. Property has a newer entrance stairway platform. Three 7 x 9 overhead doors. Standard steel beam roof framing and headers on both sides. There is a problem with the roof leaking in one spot with heavy rains. Would need to be repaired. Selling as -is. Fenced in yard with gates. Dry Storage underneath part of the garage. Lots are bordered by a paved City of Ely Street to the south and gravel roads to the north and south. Excellent in town location.
Here’s Your Opportunity to Live & Work Up North In Ely! Boat Storage/Rental/Servicing Business with BOOKS THAT EASILY SUPPORT THE ASKING PRICE, PASSIVE INCOME & EXCELLENT GROWTH OPPORTUNITIES! Set on paved road with 11.5 acres and visibility from the corner of Highway 169 & Grant McMahan, just 5 mi s of Ely. 1B/1B yr rnd house w/screen porch potential to be 2nd BR. 4920SF storage bldg w/17ft high dbl door on each end, office w/laundry bath, 1B/1B upstairs yr rnd apt & indoor storage for 14 boats. 50 + boats stored outside, room for more & potential to construct addl storage bldg. Most storage is repeat contract for 6-7 months & includes retrieval from lake, motor winterization, storage & spring launch. Addl services such as tune ups & rigging as needed. Currently 128 boats shrink wrapped on or off site, including commercial multi-boat clients. Business includes 2 pontoon rentals. New septic 2021. 145 ft drilled well. Starlink internet. Turnkey opportunity to own your own business in Ely! Call today!
Pristine commercial building in Elyâ??s sought after downtown location! Endless opportunities are possible for this meticulously maintained +/- 4,200 sq. ft. retail space in the heart of Ely. Currently the home of Pengals Basswood Trading Company, the building presents an excellent investment opportunity and could easily be converted into multiple business spaces with the option of restoring the previous living quarters on the second floor. While the original structure was built in the early 1900â??s, expansion projects occurred in 1983 and 1987 increasing the retail floor by over 1000 sq. ft. Updates include Marvin windows, a metal roof, efficient 3-phase 220 electrical power with 200-amp panel, radiant heat ceiling panels, central air, new entry door, new flooring, updated plumbing and much more! Other features include large storage/inventory areas, kitchen, ½ bath, off-street parking, and private offices. This inviting and highly attractive property has been home to a magnificently successful business and staple of the Ely community for many decades. Make this the future home of your next business venture in the Northwoods!
Business opportunity in Ely, Minnesota. This well established business has a good client base in Ely and the surrounding area, making ice blocks and cubes to be delivered to businesses. The business includes the real estate, Freezers, merchandisers 750 lb capacity ice bins, ice and beverage coolers, 2 walk in freezers,delivery vehicle, International freezer truck and more. Full equipment and inventory list available. Call or e-mail for additional information and to make an appointment to look at the property. Great owner-operated business in Northern Minnesota in the Boundary Waters Canoe Area.
Andrea D. Conner, License # 40471694, Xome Inc., License 40368414, [email protected], 844-400-XOME (9663), 750 State Highway 121 Bypass, Suite 100, Lewisville, TX 75067

2026 Copyright 2026 Lake Superior Area REALTORS® Multiple Listing Service. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Lake Superior Area REALTORS® Multiple Listing Service. Real estate listings held by brokerage firms other than this broker are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo and detailed information about them includes the name of the listing brokers. The broker providing these data believes them to be correct but advises interested parties to confirm them before relying on them in a purchase decision.
Andrea D. Conner, License # 40471694,Xome Inc., License 40368414, [email protected], 844-400-XOME (9663), 750 State Highway 121 Bypass, Suite 100, Lewisville, TX 75067

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Ely is located in Minnesota. Ely, Minnesota has a population of 3,280. Ely is less family-centric than the surrounding county with 15.6% of the households containing married families with children. The county average for households married with children is 26.31%.
The median household income in Ely, Minnesota is $44,745. The median household income for the surrounding county is $61,213 compared to the national median of $69,021. The median age of people living in Ely is 52.2 years.
The average high temperature in July is 78.5 degrees, with an average low temperature in January of -6.7 degrees. The average rainfall is approximately 29.7 inches per year, with 63.4 inches of snow per year.