Introducing 401 E Sheridan St, a prime retail and residential opportunity in the heart of Ely, MN. This historic 6,486 SF free-standing building offers a versatile layout with a main-level retail space currently operating as a liquor store, a 1,666 SF basement used for storage, and a spacious second-level apartment featuring four bedrooms, two bathrooms, a private deck, and a detached garage. Built in 1913, this character-filled property exudes timeless appeal while being ideally situated in a C-1 zoned area, allowing for a variety of potential uses, including retail, restaurant, lounge/bar, grocery, or office space. Nestled in the scenic Northwoods, Ely is known for its strong sense of community, outdoor recreation, and cultural attractions, with the Boundary Waters Canoe Area, International Wolf Center, and Ely Arts & Heritage Center just minutes away. With its historic charm, prime location, and exceptional redevelopment potential, this property presents an exciting opportunity to reimagine a piece of Ely’s history for future generations. Liquor store inventory is available for sale separately.