ADDITIONAL INFORMATION

A truly special commercial opportunity in the heart of Ely. This highly visible, centrally located property offers a warm and welcoming setting that has been thoughtfully cared for and has provided a space for community engagement and philanthropy. Currently operating as a restaurant with a full commercial kitchen, the property is well-suited for continued use as a dining establishment or could be reimagined for a variety of retail, hospitality, or other commercial ventures. The Northwoods-inspired building is full of character, featuring attractive half-log siding, a beautiful fireplace, and a charming open-concept interior that immediately makes visitors feel at home. The tasteful finishes, inviting atmosphere, and flexible layout create a memorable space with excellent potential. There is also the possibility for on-site owner quarters or rental income, adding even more value and versatility. Outside, the expansive deck is surrounded by beautiful landscaping and seasonal flowers, offering a lovely outdoor seating area and a wonderful place for guests to gather and enjoy the Ely experience. With good parking options, convenient customer access, and strong visibility, this property stands out as a rare opportunity to own a beloved commercial space in one of Elyâ??s most recognizable and welcoming locations.

ADDITIONAL INFORMATION

**Prime Cannabis Retail Property â?? Downtown Ely, MN** **Over 7,000 sq ft Commercial Building** 43 E Camp Street, Ely, Minnesota This property is ideally located in the heart of downtown Ely and has already received full approval from the City of Ely Planning & Zoning for **cannabis retail** and **lower-potency hemp edibles**. A formal approval letter from the City is available upon request. Property is agent owned. Significant pre-opening work has already been completed, saving any new owner months of time and expense. This includes: - Detailed construction documents and build-out drawings - Comprehensive market analysis and financial projections (pro formas) - Extensive demolition and preparation in the upper suite (43 E Camp St, Suite 100) specifically designed for a modern cannabis dispensary **Property Highlights:** - **Upper Level (Suite 100)**: Partially demoâ??d and ready for dispensary build-out - **Lower Level**: More than 3,000 sq ft with its own private entrance, large dedicated parking lot, multiple offices of varying sizes, generous storage space, and two bathrooms. Currently configured as professional commercial space. - **Flexible Tenants**: The two businesses occupying the lower level are willing to terminate their leases or negotiate new terms with the incoming owner. This is a rare, shovel-ready opportunity to open a cannabis dispensary in an approved downtown location with strong foot traffic, excellent visibility, and immediate infrastructure in place. Take advantage of all the hard work already done â?? step in and start building your cannabis business in Ely! Serious inquiries only. Construction documents, financials, market study, and City approval letter available to qualified buyers.

ADDITIONAL INFORMATION

Commercial Building - Ely, Mn - REAL ESTATE ONLY - 5000 sq ft commercial building in the heart of downtown Ely. This historic building, built in 1920, has 4 separate leasing areas. The main floor front space is leased until April, 2027 and features original tin ceilings and wood floors. The additional main floor and second floor space is occupied by the owners of the building to operate their existing business. Major updates to the building including a new roof in 2023 and a new fuel oil boiler in 2021. Great corner location. The building was a successful clothing store for 30+ years. This is an opportunity to bring your existing business to this location or to establish a new business venture.

ADDITIONAL INFORMATION

Position your business for success in one of Elyâ??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.

ADDITIONAL INFORMATION

Rarely does an opportunity arise to own a cornerstone of the Ely communityâ??a business that is not just a destination, but a way of life for those who love and live on Northern Grounds. After more than 30 years of expansion and growth, the current owners are ready to retire, leaving behind a thriving, multi-faceted enterprise with the iconic name that was twice established and is deeply rooted at the gateway to the Boundary Waters Canoe Area (BWCA). This turnkey sale includes a successful business operation at 2 W. Sheridan St. (leased building) and the strategic real estate and production hub at 36 W. Sheridan St. (Parcel 030-0260-00010). The Premier Coffee & Wine Bar: A sophisticated downtown anchor known for ethically roasting small-batch coffee and curating a world-class wine collection for an adventurous and loyal clientele. The Roasting Room (36 W. Sheridan): A state-of-the-art culinary hub powered by a 5lb Mill City Roaster. Currently meeting all internal needs, expanded hours offer significant potential for wholesale growth. Full commercial bakery and kitchen, designed for quality grab & go menu items is imperative to the areaâ??s food & beverage scene. Expanded menu and offerings could be accommodated. Upper-Level Residential Units: Two well-appointed units above the 36 W. Sheridan storefront, each featuring 1-bedroom, 1-bathroom, off-street parking, and access to a beautiful private landscaped garden and gazebo. These spaces are ideal for commercial use or continued employee housing. Society Hall: A professional, light-filled co-working and high-end event space designed for independent collaboration, weddings, and community gatherings. Not currently leased but can be. Northern Grounds is defined by its commitment to environmental, social, and economic sustainability. It is a high-performing business that cash flows exceptionally well and is listed significantly below its professional 2025 Year End valuation. Authentic, raw, and never posed. This isn't just a shop; itâ??s a journalistic tribute to the 47° N life, free from filters and full of heart. The most desirable asset of Northern Grounds is its people. A loyal, trained staff and a devoted customer base are ready to welcome the next owner. This is a rare invitation to lead a business where honesty, trust, and curiosity are the daily backdrop. Asking price $979,000 Call Kerry at 218-235-1084

ADDITIONAL INFORMATION

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 â?? 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 â?? 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 â?? 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.

ADDITIONAL INFORMATION

Seize a rare opportunity to own a one-of-a-kind commercial property in the heart of Ely, Minnesota â?? the gateway to the Boundary Waters Canoe Area Wilderness. Situated on a prominent corner lot at the intersection of bustling Sheridan Street and Highway 1, adjacent to the local grocery store, one of the highest traffic anchors in town, this distinctive log building offers maximum visibility, easy access, and unmatched exposure. Set on approximately one acre of commercially zoned land, the property offers ample room to expand, providing long-term flexibility for growth. The natural log construction lends an authentic Northwoods aesthetic that resonates deeply with both the local community and many outdoor enthusiasts, anglers, and adventurers who pass through Ely each year. Ely is Northern Minnesota's premier four-season destination, drawing visitors for BWCA canoe trips, ice fishing, dog sledding, hiking, and fall foliage â?? and a growing wave of remote workers and retirees choosing small-town Northwoods living. Prime commercial corners in Ely rarely come to market, making this a standout opportunity for investors and business owners alike.

ADDITIONAL INFORMATION

Established, turn-key Outfitting business in Ely, MN - Outfitting canoe trips into the MN Boundary Waters Canoe Area Wilderness & Canadaâ??s Quetico Wilderness since 1984. Unique opportunity to purchase a well-known, profitable business located on the majestic shores of White Iron Lake with direct access into the BWCAW with lakeside accommodations offering a unique one-stop shop. Live and work in Ely, MN on the edge of the pristine wilderness - the BWCAW. The property boasts over 650â?? of stunning shoreline and +/- 3 acres and consists of a 2-bedroom owners residence, office, gift shop, equipment building, food packaging area, workshop, shower houses & baths, private dorm-style & motel accommodations and 6 lakeside resort cabins. This highly sought-after business has over 40 years of leading thousands of groups on unforgettable canoe trips which are 100% customized to each individual client ensuring repeat business year after year. Every detail of running this up-north venture has been meticulously crafted with proven strategies to ensure success â?? from the strategic marketing plan, to the care and maintenance of the facility and comfort of the grounds and added personal touches â?? a legacy that you can truly continue to operate for years to come. Live your dream on the edge of the Boundary Waters Canoe Area Wilderness with over one-million acres of lush forests and countless glacial lakes in the Superior National Forest.

ADDITIONAL INFORMATION

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.

ADDITIONAL INFORMATION

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.

ADDITIONAL INFORMATION

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

ADDITIONAL INFORMATION

ADDITIONAL INFORMATION

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!

ADDITIONAL INFORMATION

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!

ADDITIONAL INFORMATION

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.