"Prime lakeshore property on Ely Island! 310 feet of wooded shoreline plus over 5 acres adjacent to 40 acres of State of Minnesota land. North-facing for breathtaking views, with electricity and a convenient lift-out dock already in place. Mature trees provide the perfect setting for your cabin dreams. Don't miss out on this opportunity for big water views and endless possibilities!"
Property Details
Property Features
Listing Office:
Office Name: Vermilion Land Office, Inc
Listing Agent: Barb Hegg
Exterior Features
Exterior Information:
Waterfront: Lake
View: Bay, Lake
Virtual/3D Tour
Virtual Tour: 5397 N Ely Is
Virtual Tour
Lot Features
Lot Information:
Lot: Accessible Shoreline, Some Trees
Lot Size: 5.36 Acres
School Info
Assigned Schools Information:
Northeast Range Secondary School, Public District Grades 7-12
Tower-Soudan Elementary School, Public District Grades PK-6
Other
Directions Information:
Directions: Via Boat from public access sites, Aronson's Marina, Stuntz Bay
Price Information
Listing Price Info
Price Summary:
List Price: $114,900
What can I afford?
Understand what home price range makes sense for your budget.
Housing Market Comparison
See how this home compares to others in Tower, MN.
We're sorry, we currently don't have sales or tax history data for this listing.
Payment Calculator
Calculate your estimated monthly expenses for this listing. Play with the values below to better understand your monthly payment and utilities.
$641
Per Month
Principal & Interest
$574
Home PriceThe dollar amount you pay for the home.
$
Interest RateMortgage interest rates fluctuate, but they're typically in the 5% to 9% range. Your rate will be calculated based on personal details including your credit score.
%
Down PaymentThe initial money paid at closing that is usually a percentage of the purchase price. Most loans require at least 3% down, but a 0% down payment may be possible if you're eligible for a VA or USDA loan.
$%
Loan TermThis is how long you'll pay on the loan. A longer term gives you smaller payments, while a shorter term saves you money on interest.
Property Taxes
$0
Property Taxes -Annual CostEvery homeowner pays taxes to their local government based on their home's value and the property tax rates for the county or city. Most areas charge property taxes semiannually.
$/ Year
Mortgage Insurance
$0
Mortgage Insurance -Monthly PremiumMortgage insurance helps secure a mortgage with a lower down payment. It typically costs 0.1% - 2% of your loan amount per year.
$/ Month
Homeowners Insurance
$67
Homeowners Insurance -Monthly PremiumMost homeowners pay about $1,000 a year for homeowners insurance, but the cost varies based on your location, home and coverage.
$/ Month
Homeowners Association (HOA)
$0
Homeowners Association -Monthly FeesHomeowners Association (HOA) fees can range from $30 per month to $500+ per month. Be sure to ask your agent about HOA fees on a home as it can impact your affordability or check the online home listing.
$/ Month
Utilities
$0
Utilities - Monthly CostYou'll need to budget for utilities as a homeowner, which typically includes water and sewer, gas and electric, internet and cable. Cost will depend on your location and the size of your home. On a monthly basis, Americans pay $239 - $442 per month.
$/ Month
Recommended Financing
30-Year Fixed
Rate/APR
7.5% / 6.68%
Total Monthly Payment
$411
Powered By
Advertisement
NMLS#3030
Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
Elementary School
2
/10
Tower-Soudan Elementary School
415 North 2nd St
Distance between this listing and this school2.94 miles
Public District Grades PK-6
High School
6
/10
Northeast Range Secondary School
30 South Dr
Distance between this listing and this school17.09 miles
Public District Grades 7-12
Assigned Schools
2
/10
Tower-Soudan Elementary School
415 North 2nd St
Distance between this listing and this school2.94 miles
Public District Grades PK-6
Nearby Schools
4
/10
Babbitt Elementary School
30 South Dr
Distance between this listing and this school17.10 miles
Public District Grades PK-6
7
/10
Washington Elementary School
600 E Harvey St
Distance between this listing and this school18.71 miles
Public District Grades PK-5
Nearby Schools
4
/10
Memorial Middle School
600 E Harvey St
Distance between this listing and this school18.71 miles
Public District Grades 6-8
4
/10
Eveleth-Gilbert Junior High School
Summit St
Distance between this listing and this school26.75 miles
Public District Grades 7-8
4
/10
Nelle Shean Elementary School
Summit St
Distance between this listing and this school26.75 miles
Public District Grades 5-6
Assigned Schools
6
/10
Northeast Range Secondary School
30 South Dr
Distance between this listing and this school17.09 miles
Public District Grades 7-12
Nearby Schools
7
/10
Memorial High School
600 E Harvey St
Distance between this listing and this school18.71 miles
Public District Grades 7-12
5
/10
Mesabi East Secondary School
601 N 1st St W
Distance between this listing and this school21.80 miles
The neighbors living near this home have an average income of $43,676. Most Tower, MN residents have annual incomes between $35k-100k. Typical family type is single, no kids. Residents of this area typically have post secondary degree education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 5397 N Ely Is
What is the listing price of this property?
The listing price of 5397 N Ely Is property is $114,900.
What type of property is this?
The property 5397 N Ely Is is land located in Tower, Minnesota, 55790.
Is this property for sale now?
Active Listing: 5397 N Ely Is is For Sale (Active/New) which means the seller is accepting offers.
What are the assigned schools for this property?
The assigned schools for 5397 N Ely Is are: Tower-Soudan Elementary School: GreatSchools Rating 2/10Northeast Range Secondary School: GreatSchools Rating 6/10
By checking this box and submitting your personal information, you agree to our Terms of Use and Privacy Policy. You also expressly consent to having Rocket Homes Real Estate LLC, its Family of Companies, Rocket Homes Network Partners, and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system, AI voice, or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Rocket Homes Real Estate, LLC or its partners. By communicating with us by phone, you consent to calls being recorded and monitored. You also agree that we can share your personal data and contact information with third parties such as mortgage partners, partner companies, and affiliates, and that these parties may use your personal data and contact information for marketing and analytic purposes, and to improve your experience.
This home is located at 5397 N Ely Is in Tower, MN and zip code 55790. This home sits on a 5.36 acre lot. It has been listed on Rocket Homes since May 10, 2024 and is currently priced at $114,900.
In October 2024 more than 2 listings in Tower, MN were sold above the asking price. During the same period more than 0 listings were sold at asking price, while more than 7 were sold below. In October 2024 in Tower, MN there were 20% less homes for sale than in September 2024. Listings spent 136 days on the market in October 2024, and had a median list price of $395,000 during the same period.
From Rocket Homes Real Estate and based on county public records data.
NASCAR
NASCAR
Figure Skating
Hunting
Bass Pro Shops
Dollar General
Wal-Mart
Hardee's
Applebees
Jimmy Johns
GMC
Cadillac
Ram
Classic Country
New Country