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141 E Chapman St

3,000 SF 100% Leased Retail Building Ely, MN 55731 £257,706 (£86/SF)

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Property Facts

Sale Type

Investment

Sale Condition

Business Value Included

Property Type

Retail

Property Subtype

Storefront Retail/Residential

Building Size

3,000 SF

Building Class

Year Built/Renovated

1910/1985

Price

£257,706

Price Per SF

£86

Business Value

£117,495

Percent Leased

100%

Tenancy

Multiple

Number of Floors

Building FAR

0.98

Lot Size

0.07 AC

Opportunity Zone

Yes

Parking

2 Spaces (0.67 Spaces per 1,000 SF Leased)

Amenities

Restaurant

Accent Lighting

Air Conditioning

About 141 E Chapman St , Ely, MN 55731

Growing downtown Ely market and building ready to operate as your own. The property includes two upper-level apartments for owner occupation or for rental income. This established market, with year-over-year increases in sales, is focused on natural & organic products along with in-house deli and baked goods. Includes a large commercial kitchen, walk-in cooler, freezers & storage. The building was once the home of Montgomery Wards where customers would order and pick up catalog items. The apartments and commercial space were renovated in recent years along with the addition of the commercial kitchen. It was run as a restaurant until 2017 when it transitioned towards the market it is today. Market and rental revenue have gone up dramatically since 2020, setting up success for the next owner/s.