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    Storm Lake Restaurant and Bar Title is generated by Realmo AI

    507 Erie, Storm Lake, IA 50588

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    For Sale
    $225,000

    COMMERCIAL - Storm Lake, IA

    Property size:
    4,000 SF
    Lot size:
    0.18 Acres
    Price / SF:
    $56/SF
    Added:
    May 12, 2026
    Days on Market:
    20
    Last Refresh:
    May 31 at 7:06 am

    Property Features for 507 Erie

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    1403252009
    Size
    4,000 SF
    Lot size
    0.18 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Per Abstract also includes Parcel# 1403252008
    Tax Annual Amount
    6532

    Building Details

    Year built
    1900

    We can help!

    Listing Contact
    Steven Brashears

    Listing agent Steven Brashears License #S58624

    Listing office Compass Real Estate of NW IA 222 W Milwaukee Ave, Storm Lake, IA

    Listing date May 12, 2026

    MLS# 832948

    Copyright © 2026 Northwest Iowa Regional 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.

    HighLights

    • Turn‑key restaurant and bar operation: all furniture, fixtures, equipment, and inventory included.
    • Includes a fully renovated, luxury one‑bedroom apartment above the restaurant.
    • Established business with a 30+ year history as a community gathering place.
    • Two full kitchens (one on each level) and extensive food preparation areas for catering.
    • Includes the adjacent north parking lot.
    • Approximately 2,000 sq ft on each level, offering versatility and ample space.

    Overview

    This is a rare opportunity to own a successful restaurant and bar that has been a community gathering place for over 30 years. The property is offered for sale as a turn-key operation, including all furniture, fixtures, equipment, inventory, and the adjacent north parking lot. The restaurant features seasoned hardwood floors and warm decor. The property offers approximately 2,000 sq ft on each level. The main level features the restaurant and bar operations. The lower level expands the possibilities with a second full kitchen, extensive food preparation areas, catering capabilities, numerous refrigerators and freezers, abundant prep space, an office, and generous storage. Above the restaurant is a fully renovated one-bedroom apartment. The chef's kitchen features custom hardwood cabinetry, high-end appliances, and a hammered copper sink. The spacious bedroom offers elegant two-tiered coffered ceilings, recessed lighting, and a walk-in closet. There are also two gas fireplaces. The property is located in Storm Lake, Iowa, in Buena Vista County, and has a lot size of 0.18 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    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.

    Similar Places Nearby

    • Malarky's Bar and Grill — 147 Flindt Dr, Storm Lake, IA 50588
    • Mo's — 707 Lake Ave N, Storm Lake, IA 50588
    • Brewsters — 225 E Railroad St, Storm Lake, IA 50588
    • Blue Label Ltd — 409 W 5th St, Storm Lake, IA 50588

    Location Insight

    • Map
    • Local Demand
    City
    Storm Lake
    County
    Buena Vista
    State
    Iowa
    Longitude
    -95.1995811
    Latitude
    42.6433227

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    FAQs

    What type of property is this?
    Bar & Pub - Established restaurant and bar with living space for sale.
    Where is this bar & pub located?
    The property is located at 507 Erie Storm Lake, IA.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Turn‑key restaurant and bar operation: **all furniture, fixtures, equipment, and inventory included.**; **Includes a fully renovated, luxury one‑bedroom apartment above the restaurant.**; Established business with a 30+ year history as a community gathering place.
    (712) 299-4684
    We can help!
    Listing Contact
    Steven Brashears
    Real Estate License ID: S58624
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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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