Purchasing any commercial building has its own ins-and-outs, but when purchasing a mixed-use building, there are some things to keep in mind.
First of all, what is a mixed-use building? It is a building that can be used as a residence or commercial use building – or even both oat the same time.
But this brings into question many things, such as intended use, zoning laws, and tenant tolerances.
For instance, many areas may only allow you to have a store front in a mixed use building. And while some can be used for more industrial uses, it may be hard to have residential tenants when there is a welding shop underneath them.
On the flip side of that, if you have 7 kids playing in the apartment above and a spa below, the patrons of that spa may not feel so comfortable there.
Another thing to consider is the setup of the building. For instance, what if all the units are wired with NM cable/Romex wiring? This is fine if you are going to have an art studio, but if you want anything more than this you may need to re-wire with MX cable (used for more commercial and industrial uses.
There are a lot of factors to consider when buying a mixed-use building. But having a proper commercial building inspection performed will help you to prepare for many of these issues. Contact us and we can help.