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2826 Cedar Lake Rd, Ely, MN, 55731

4beds
3baths
2,722sqft
$499,000
$183price/sqft
$3,253/moest. monthly cost
$130,120/yrincome needed

About This Home

Welcome to your Northern Minnesota retreat. Nestled on 5 private acres in Ely, this solid, efficient home offers the space and seclusion you’ve been searching for—without sacrificing convenience. This 4-bedroom, 3-bath home features warm tongue-and-groove woodwork throughout, adding character and craftsmanship. Generous living space flows naturally, providing room to spread out along with ample storage. The property is well-equipped for both everyday living and recreation, featuring a 30×40 pole building ideal for a workshop, equipment storage, or hobby space, along with a 28×32 detached garage with plenty of room for vehicles, boats, snowmobiles, and gear. A one-car attached garage offers added convenience, while the paved circular driveway ensures easy access year-round. Central A/C keeps the home comfortable during the summer months. Surrounded by five acres of privacy, this property offers a peaceful buffer from the outside world while remaining just minutes from downtown Ely’s shops, restaurants, and access to the Boundary Waters Canoe Area Wilderness. Enjoy endless outdoor recreation right out your door, with easy access to hiking, fishing, biking, snowmobiling, and countless lakes and trails that make Ely a true Northwoods destination. Built for all seasons, this is a home where you can host, store your toys, and truly enjoy the quiet. Solid bones, smart design, and room to breathe.

Getting Around

6
WalkingCar-Dependent
0
TransitVery Limited Transit
20
BikeSomewhat Bikeable

Schools

5/10
6/10
Memorial Middle SchoolGrades 6-82.8 mi
9/10
Memorial SecondaryGrades 9-122.8 mi

Construction

Condition

  • Year built: 1978

Materials

  • Foundation: Concrete Perimeter
  • Roof: Asphalt Shingle
  • Construction materials: Vinyl,Wood,Frame/Wood

Type & Style

  • Home type: SingleFamily
  • Architectural style: Ranch
  • Property subType: Single Family Residence

Interior

Appliances

  • Laundry features: Main Level,Dryer Hook-Ups,Washer Hookup

Basement

  • Has basement: Yes
  • Basement: Full,Partially Finished,Walkout,Bath,Bedrooms,Den/Office,Family/Rec Room,Fireplace,Utility Room,Washer Hook-Ups,Dryer Hook-Ups

Bathroom

  • Level: Lower
  • Area: 59.4
  • Dimensions: 6.6 x 9

Bathroom

  • Level: Main
  • Area: 36
  • Dimensions: 6 x 6

Bedroom

  • Level: Lower
  • Area: 133.56
  • Dimensions: 12.6 x 10.6

Bedroom

  • Level: Main
  • Area: 201.4
  • Dimensions: 10.6 x 19

Bedroom

  • Level: Main
  • Area: 169.6
  • Dimensions: 10.6 x 16

Bedrooms & Bathrooms

  • Bedrooms: 4
  • Bathrooms: 3
  • Full bathrooms: 1
  • 3/4 bathrooms: 2
  • Main level bedrooms: 1

Bonus Room

  • Level: Lower
  • Area: 512
  • Dimensions: 32 x 16

Dining Room

  • Level: Main
  • Area: 124.8
  • Dimensions: 9.6 x 13

Family Room

  • Level: Lower
  • Area: 361
  • Dimensions: 19 x 19

Features

  • Ceiling Fan(s),Natural Woodwork,Vaulted Ceilings,Foyer-Entrance
  • Door features: Patio Door
  • Flooring: Hardwood Floors
  • Number of fireplaces: 1
  • Fireplace features: Gas,Basement
  • Fireplace: Yes
  • Finished area below ground: 802
  • Finished area above ground: 1,920

Great Room

  • Level: Main
  • Area: 512
  • Dimensions: 16 x 32

Heating & Cooling

  • Heating features: Forced Air,Propane,Oil
  • Cooling features: Central Air

Interior Area

  • Total interior livable area: 2,722 sqft

Kitchen

  • Level: Main
  • Area: 120
  • Dimensions: 10 x 12

Living Room

  • Level: Main
  • Area: 361
  • Dimensions: 19 x 19

Master Bedroom

  • Level: Main
  • Area: 168
  • Dimensions: 12 x 14

Property

Details

  • Parcel number: 465002003701

Features

  • Patio & porch: Deck,Patio

Lot

  • Lot size: 5 Acres
  • Lot size dimensions: 658 x 332

Parking

  • Total spaces: 5
  • Parking features: Asphalt,Attached,Detached,Multiple,Slab
  • Has garage: Yes
  • Attached garage spaces: 5
  • Covered spaces: 5

Climate Risk is Financial Risk

Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.

Biggest Threats for This Home

  • Cold Wave
    Cold WaveVery High
  • Winter Weather
    Winter WeatherVery High
  • Lightning
    LightningRelatively High
  • Heat Wave
    Heat WaveModerate
  • Inland Flooding
    Inland FloodingModerate
  • Wildfire
    WildfireModerate

How This Home’s Risks Compare

Cold Wave
Winter Weather
Lightning
Heat Wave
Inland Flooding
Wildfire

FEMA Declared Disasters in St. Louis County and Minnesota

Fire
Flood
Severe Storm
Straight Line Winds

Understanding the Costs

Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.

Estimated Costs Today

MonthlyAnnual
Mortgage $2,523$30,276
Home Insurance *$166$1,992
Property Taxes $335$4,020
Electricity $229$2,754
Total$3,253$39,036
*Does not include cost of any FAIR Plan premiums

Income You'd Need if You Spent...

35% on housing$111,531/yr
40% on housing$97,590/yr
45% on housing$86,746/yr

Minnesota FAIR Plan Programs

Minnesota FAIR Plan

Covered
WildfireWildfire
HailHail
WindWind
Visit Website →
Current Policies
Residential: 4,160Commercial: 101
Total Premiums$4.54M
Total Exposure$457.44M

How Costs Could Change Over Time

Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.

Insurance Growth Rate5-year average: 6.6%
6.6%
0%30.0%
Electricity Growth Rate10-year average: 2.7%
2.7%
0%15.0%
Property Taxes Growth Rate2-year average: 2.8%
2.8%
0%15.0%
Income Spent on Housing
30%
30%45%

Comparing Against the Market

Price Per Sq Ft

$183This listing

vs Other Active Listings

Avg $/sqft

ZIP 55731$215
St. Louis County$177

vs Homes Sold Last Month

Median $/sqft

ZIP 55731
St. Louis County

Current Market Trends

No market data available for this area

Historicals for This Listing

Zestimate History ($/sqft)

Price History

DateEventPrice
2026-04-15Listed for sale$525,000

For Sale by Agent

AgentLori Schulze
BrokerageKeller Williams Classic Realty NW - Ely

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