Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    721 Main Osage, IA 50461

    View on Map
    For Sale
    $324,900

    RESTAURANT, 2 Story - OSAGE, IA

    Property size:
    5,148 SF
    Added:
    Jun 12, 2025
    Days on Market:
    294
    Last Refresh:
    Apr 1 at 5:06 pm

    Property Features for 721 Main

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Z3 - General Urban District
    Interior features
    All Equipment Included
    Standard status
    Active
    APN
    1024354013
    Size
    5,148 SF

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    2496

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Floors in Building
    2
    Flooring type
    Tile, Wood
    Building materials
    Brick, Brick Veneer
    Architectural style
    Other

    We can help!

    Listing Contact
    RYAN KETELSEN
    RYAN KETELSEN

    Listing agent RYAN KETELSEN License #S66296

    Listing office CENTURY 21 PREFERRED 2800 4th SW, Mason City, IA

    Listing date Jun 12, 2025

    MLS# 250384 Listing URL

    Copyright © 2026 Greater Mason City Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Turnkey Diner with Living Space

    This is a fully operational diner with a spacious, updated dining area and a fully equipped commercial kitchen. The property includes updated furnishings and all essentials to continue business without interruption. Located in a high-traffic area, the diner features modern kitchen equipment and appliances with a great work flow layout. Upstairs is a spacious 2-bedroom apartment. The apartment is fully furnished and features a private entrance, a full bathroom, a large living room with a view overlooking Main Street, and a washer and dryer. The property is zoned Z3 - General Urban District. The building size is 5148 square feet. This turnkey opportunity offers the convenience of on-site living or additional rental income, with a loyal customer base and strong community presence. The property is located in Osage, Iowa.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    BecMar Diner Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Osage
    County
    Mitchell
    State
    Iowa
    Longitude
    -92.81017
    Latitude
    43.28439

    Nearby Similar for Sale

    • $957,500

      34-Unit Hotel in Osage, IA

      34-unit hotel with amenities on a 1.216-acre lot.
      1530 Main Street, Osage, IA 50461
      View Details
    • $1,640,000

      Poultry Barns on 7.95 Acres

      Two operational poultry barns suitable for commercial production or other uses.
      3240 Kirkwood Ave, Osage, IA 50461
      View Details
    • $250,000

      Floral and Gift Storefront

      Established floral and gift store with renovated apartment.
      530 Main Street, Osage, IA 50461
      View Details
    • $300,000
      10,960 SF

      Bowling Alley, Restaurant, and Apartment

      Established bowling alley, restaurant/bar, and apartment for sale.
      3689 Highway 218, Osage, IA 50461
      View Details
    • $600,000

      Osage Fourplex Investment Opportunity

      Well-designed fourplex in Osage, fully occupied with expansion potential.
      207 S 1st Street, Osage, IA 50461
      View Details

    FAQs

    What type of property is this?
    Breakfast & diner - Established diner with updated dining area and two-bedroom apartment.
    Where is this breakfast & diner located?
    The property is located at 721 Main Osage, IA.
    What is the asking price?
    The asking price for this property is $324,900.
    What are key features of this property?
    This property features: Fully operational, turnkey diner with loyal customer base and strong community presence.; Spacious 2‑bedroom apartment upstairs provides on‑site living or rental income potential.; Updated dining area and fully equipped commercial kitchen with modern appliances.
    (641) 832-0731
    We can help!
    Listing Contact
    RYAN KETELSEN
    RYAN KETELSEN
    Real Estate License ID: S66296
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!