Camarillo, CA · Member since 2016 · 6 posts · 2 votes
Good Evening,
I have recently come across a live/work unit with separate entrances in a price range I am comfortable with. It features a 1 bedroom apartment with a separate entrance and a work space on the lower level. How do I go about assessing the "work" area of the space? I was hoping to live in the apartment and rent out the lower half, but I don't know how to assess the commercial viability of such a location. It's a good, reasonably wealthy area that is currently in a building frenzy with restaurants and recreational areas. Has anyone done this before? It's a bit different than what I originally envisioned, but if its economically viable, I wouldn't mind. Thank you for your time.
Investor · Tempe, AZ · Member since 2017 · 61 posts · 36 votes
9y
You'll want to confirm zoning to start off. If in a commercial district you'll want to make sure all necessary permits were obtained for any add-ons or renovations needed to convert the top to an apartment. If all seems good, try to talk to as many people as possible and see what they recommend the monthly rent to be. Ask agents, current owner, prior owner and local shop owners nearby.
That should help you get an idea of where it should be priced and if it's a good enough deal to move forward.
Camarillo, CA · Member since 2016 · 6 posts · 2 votes
9y
@Matthew Rogers Thank you very much! I believe it was originally built as a live/work unit as opposed to a conversion, but I didn't think to check that--you may have saved me from a lot of headaches. Thanks again!