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    Triple-Income Mixed-Use Building Title is generated by Realmo AI

    407 Main Street, Bedford, IA 50833

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    Claim this Listing
    New
    For Sale
    $140,000

    COMMERCIAL - Other - Bedford, IA

    Lot size:
    0.12 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 4:06 pm

    Property Features for 407 Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial,Resi
    Basement
    Block, Partial, Storage Space
    Appliances
    Range, Exhaust Fan, Refrigerator, Washer, Dryer, Disposal, Electric Water Heater
    Standard status
    Active
    APN
    0423010102000
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Description
    ORIG E43' 2 10 ORIG E43' 2 10 CORP BED CORP BED BEDFORD BEDFORD
    Tax Annual Amount
    1568

    Utilities

    Heating system
    Ductless (Heating), Oil
    Cooling system
    Central Air, Ductless
    Water source
    Public

    Building Details

    Year built
    1904
    Number of units
    4
    Flooring type
    Carpet, Vinyl
    Building materials
    Block
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Douglas Thompson

    Listing agent Douglas Thompson License #***

    Listing office Red Brick Realty 2615 Lake Road, Bedford, IA

    Listing date Jun 2, 2026

    MLS# 6338979

    Copyright © 2026 NoCoast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 1904 block construction historic bank building with central air and ductless heating/cooling
    • Main level operates as a fitness center, with versatile space that could serve as retail and includes three dedicated offices
    • Upstairs has three apartments: 1 studio and 2 units with 1 bed/1 bath each
    • Apartment updates include new paint, flooring, updated vanities, modern countertops, and range/refrigerator
    • Studio apartment includes a brand‑new heating and cooling system plus a washer and dryer
    • Infrastructure upgrades include newly installed electrical service (metered separately for each apartment), updated plumbing, and a rubber roof

    Overview

    This historic bank building has been reimagined for modern commerce and comfortable living, featuring a triple-income setup. The main level currently operates as a fitness center and also offers flexibility to function as retail with three dedicated offices. Energy-efficient lighting and fresh flooring help create an inviting space for commercial users.

    Upstairs, there are three apartments that generate consistent rental income: one studio and two 1 bed/1 bath units. Each apartment includes new paint, stylish flooring, updated vanities, modern countertops, and a range/refrigerator. The studio unit also has a brand-new heating and cooling system, along with a new washer and dryer for added tenant convenience.

    The property includes substantial infrastructure updates designed to reduce day-to-day concerns, including newly installed electrical service (metered separately for each apartment) and updated plumbing throughout, plus numerous cosmetic improvements. A navigation satellite installed on the roof provides an additional passive income stream. For fitness operators, buyers may also have the option to purchase the existing gym equipment, supporting a more turnkey path to occupancy. Located at 407 Main Street in Bedford, this is a strong candidate for investors looking for multiple revenue sources in one cohesive property.
    Property Profile 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
    -94.719373
    Latitude
    40.66718

    FAQs

    What type of property is this?
    Fitness center & gym - Historic building with a main-level fitness center and three updated apartments for diversified rental income.
    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 block construction historic bank building with central air and ductless heating/cooling; Main level operates as a fitness center, with versatile space that could serve as retail and includes three dedicated offices; Upstairs has three apartments: 1 studio and 2 units with 1 bed/1 bath each
    (712) 621-6464
    We can help!
    Listing Contact
    Douglas Thompson
    Real Estate License ID: ***
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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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