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    Former Bank Building with Apartments Title is generated by Realmo AI

    407 Main Street, Bedford, IA 50833

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    A former bank building featuring a main-level fitness center and three upstairs apartments, plus updated building systems.

    Type:Retail, Office, Hospitality, Industrial, Business for Sale, Special Purpose, Land
    Added:
    Jun 2, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 4:32 am

    Property Features for 407 Main Street

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office, Hospitality, Industrial, Business for Sale, Special Purpose, Land

    Building Details

    Year Built
    1904

    We can help!

    Listing Contact
    Douglas Thompson

    Listing agent Douglas Thompson License #IA S41071000

    Listing office Red Brick Realty

    Listing date Jun 2, 2026

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Red Brick Realty

    HighLights

    • 1904 former bank building converted to a mixed‑use property with a main‑level fitness center plus three upstairs apartments
    • Upstairs unit mix includes 1 studio and two 1 bed/1 bath apartments, each with new paint, updated vanities, modern countertops, and range/refrigerator
    • Three apartments have separate metering via newly installed electrical service (metered separately for each apartment)
    • Significant system updates include updated plumbing throughout and a brand‑new heating and cooling system in the studio
    • Studio includes a new washer and dryer
    • Roof‑mounted satellite provides an additional passive income stream; existing gym equipment can be purchased

    Overview

    This former historic bank building has been reimagined for dual commercial and residential use. The main level currently operates as a fitness center and includes energy-efficient lighting and fresh flooring, with a layout described as adaptable for retail use that includes three dedicated offices. Upstairs, there are three apartments: one studio and two 1 bed/1 bath units. The apartments feature new paint, updated vanities, modern countertops, and new range/refrigerator; the studio also includes a brand-new heating and cooling system. Additional in-unit convenience includes a new washer and dryer.

    The building includes behind-the-scenes infrastructure improvements intended to reduce ongoing maintenance. A newly installed electrical service is metered separately for each apartment, and plumbing has been updated throughout. The property also includes numerous cosmetic improvements. The roof features a navigation satellite setup, described as generating additional income for the owner. Buyers have the option to purchase existing gym equipment if they want to keep the fitness operations in place.

    For an owner-operator or investor, the mix of an income-generating fitness center and three residential units can support a diversified property structure. With metered electrical for the apartments, updated plumbing, and recent unit finishes, the building is positioned for straightforward day-to-day management. The convertible main-level layout provides additional flexibility for tenants looking for commercial or office-oriented space in a single property.
    Location Intelligence

    Current Use by Public Records

    Fitness centers & gyms

    Suggested Use

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

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

    Similar Places Nearby

    • Savanna Janssen — 409 Central Ave, Bedford, IA 50833

    Location Insight

    • Map
    • Local Demand
    City
    Bedford
    County
    Taylor
    State
    Iowa
    Longitude
    -94.7191
    Latitude
    40.667059

    Nearby Similar for Sale

    • $140,000

      Triple-Income Mixed-Use Building

      Historic building with a main-level fitness center and three updated apartments for diversified rental income.
      407 Main Street, Bedford, IA 50833
      View Details
    • $49,900

      Versatile Live-Work Retail Building

      Well-maintained retail building with new furnace and flexible upper-level space for live-work or rental use.
      420 Main Street, Bedford, IA 50833
      View Details

    FAQs

    What type of property is this?
    Fitness center & gym - A former bank building featuring a main-level fitness center and three upstairs apartments, plus updated building systems.
    Where is this fitness center & gym located?
    The property is located at 407 Main Street Bedford, IA.
    What is the asking price?
    The asking price for this property is $140,000.
    What are key features of this property?
    This property features: 1904 former bank building converted to a mixed‑use property with a main‑level fitness center plus three upstairs apartments; Upstairs unit mix includes 1 studio and two 1 bed/1 bath apartments, each with new paint, updated vanities, modern countertops, and range/refrigerator; Three apartments have separate metering via newly installed electrical service (metered separately for each apartment)
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Douglas Thompson
    Real Estate License ID: IA S41071000
    Learn More
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    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.

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