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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.

Property Details of 216 E Sheridan Street

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Listed by Kate Davies of Bear Island Realty LLC (***)

Listings courtesy of Lake Superior Area REALTORS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of August 14, 2026 8:10 AM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. IDX information is provided exclusively for consumers’ personal noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed by MLS GRID. The use of the MLS GRID Data may be subject to an end user license agreement.

 
 

 

 

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