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For Sale:  Ely MLS# 6565305

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Active
$330,000
/mo Edit
Multi-family:  Duplex Side by Side
Built 1910
4,164 sqft • 6250 acres
Ely schools
MLS# 6565305
763-576-8286
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    Property Description

    Situated in the heart of Ely, MN — often hailed as one of the "Coolest Small Towns" and a gateway to the BWCA (Boundary Waters Canoe Area) you have an incredible investment opportunity! Perfect for short-term or long-term rentals the existing duplex with updated units is already generating steady income. Each unit has 2 BR/1BA and offers beautifully updated interiors, an attached garage, and laundry facilities. The roof was installed in 2019. Each unit is 748 sq. ft. The main house offers versatile opportunities — from creating a unique living space to setting up multiple rental units, Bed & Breakfast, or live in it yourself! It is gutted and ready for your imagination. Its former use was a 4-unit rental. Ely, MN is not just a small town; it’s a destination. With its historic charm, strong community, and influx of visitors year-round, investing in Ely means tapping into a market with consistent rental demand.

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $330,000
    Price per sq ft: $79
    Property Type: Multi-family
    City: Ely
    County: St. Louis
    Year Built: 1910
    State: MN
    Property Style: Duplex Side by Side
    Zip Code: 55731

    Interior

    Finished Area: 4,164 ft2
    Living Area: 4,164 ft2
    Basement Details:
    • Full
    • Slab

    Exterior

    Stories: Two
    Foundation Size: 390 ft2
    Foundation Dimensions: 15 x 26
    Handicap Accessible: None
    Heating System:
    • Forced Air
    • Hot Water
    Parking Features: Detached
    Exterior Material: Stucco
    Roof Details: Asphalt

    Lot & Land

    Acres: 6250
    Geolocation: 47.9017258416, -91.8639925769
    Lot Dimensions: 50 x 125
    Zoning: Residential-Multi-Family

    Schools

    School District: 696
    District Phone: 218-365-6166

    Expenses

    Annual Electric Expense: $983
    Annual Fuel Expense: $2,500
    Annual Insurance Expense: $3,525
    Annual Maintenance Expense: $821
    Annual Gross Expense: $4,748
    Annual Trash Expense: $2,464
    Annual Water/Sewer Expense: $492

    Financial & Taxes

    Tax Year: 2024
    Annual Taxes: $4,538
    Lender-owned: No
    Assessment Pending: Yes
    Taxes w/ Assessments: $4,778

    Income

    Annual Gross Income: $20,864

    Units

    Total Units: 2

    Miscellaneous

    Fuel System: Oil
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Water System: City Water/Connected

    Mortgage Calculator

    Use this calculator to estimate your monthly mortgage payment, including taxes and insurance. Simply enter the price of the home, your down payment and loan term. Property taxes are based on the last known value for this property or 0.012 of property price when data is unavailable. Your interest rate and insurance rates will vary based on credit score, loan type, etc.
    Payment:  /mo

    Local Home Mortgage Professionals

    651-253-2144
    Jason & Kim Stone
    Branch Manager & Co-Branch Manager
    Fairway Mortgage    NMLS#1018649
    Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.

    Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.

    Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
    It would be our pleasure to assist you with your home purchase!

    Apply Online     Home Purchase Qualifier     Refinance Rate Checker    

    Listing provided by RMLS, courtesy of z'Up North Realty, Inc..
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.