Considering a property to be used as Exec/Mini Suite

[Tom B]

Hi Group, I'm new to this forum and new to Commercial Real Estate. I've recently sold a 2 Unit duplex after being a landlord for a few years.

I'm thinking about purchasing a house that is zoned commercial and setup for office space. It's 2300 sq ft, has 10 private offices and a conference room, and good parking. The attached garage was converted to office space. It has a new roof and fresh exterior paint. Previously, the office was used as a doctors office and then as an mini suite, precisely what I would like to do.

Other advantages (to me) include no Condo Association or CAM fees.

I'm thinking I would like to play at a level below a typical Executive Suite such as Regus. A suite with them is generally in Class A office space with rents in the $400-$500 range. I'm thinking about keeping it simple with rents in the $200 range and then applying some of my technology skills to add value with Internet for the office, free website/email hosting. No receptionist. I'm thinking about keyless entry for all doors. To be clear, I'm not competing with a regus directly, but my price point has to reflect that.

The asking price is $200,000 for the home/office, seller owns it outright and is willing to finance with terms not disclosed yet. I have $40,000 cash and great credit.

I guess what I'm looking for here is

1.) General advice on my concept from anyone
2.) Advice from anyone in this business, any business plans you care to share or sell
3.) Other ways an outfit such as this might differentiate itself
4.) Stories, good and bad of this business