342 Sheridan StEly, MN 55731

Property Details for 342 Sheridan St

Year built

1910

Property size (Sq ft)

2,240 SF

Property type

Specialty properties

Property subtype

Mixed-use properties

Description

This exceptional Ely, Minnesota, mixed-use property offers a thriving, turnkey laundromat business and a spacious three-bedroom furnished apartment. Boasting 2,240 square feet across two stories in a building constructed in 1910 and renovated in 2020, this property presents a unique investment opportunity. The laundromat features 14 dryers, 9 top-loading washers, 8 front-loading washers, 2 triple-load washers, and 1 double-load washer, along with a comfortable customer waiting area. The business benefits from a strong client base, including 17+ resort and personal accounts, and enjoys a high-traffic location on Sheridan Street (7700 cars daily). Recent upgrades include new flooring and ceiling tiles, vinyl siding, a new roof, air conditioning in the basement, and updated plumbing. The included apartment provides additional income potential or owner's quarters. The property is zoned for commercial and residential use, offering flexibility and potential for future expansion. This 100% occupied property is priced at $300,000, representing a compelling price per square foot of $133.93. The solid rental history and established commercial accounts make this a truly attractive investment.

Location Insight

City

Ely

County

St. Louis

State

Minnesota

Latitude

47.9032

Longitude

-91.8612

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