Mixed use with Mini Storage Is it a reasonable Idea?

[Craig Parsons]

So I have a line on a property  that is zoned mix use Residential on top and commercial on the bottom.   Upstairs is 5 1 bedroom apartments ,currently rented, that the plan is to convert to Short term rentals, as the area is a haven for travelers,anglers and hunters.  Hotel rooms are usually filled near capacity during the Summer/hunting/fishing season.  We would convert 1 unit at a time as renters leave.  Downstairs is open commercial space. It was last used as retail.  The problem with this property is there are only 12 available parking spots.  So my thought is to convert the lower commercial space into some sort of smaller unit mini storage. My reasoning is that this would have the least amount of day to day traffic.  Does this sound reasonable? Does anybody have any other ideas in which to use the space?  Lastly for commercial is there a ratio/rule of thumb of income to debt ratio lenders allow, does it need to be a 2% property or something else?  I do have a Private lender that can and will front the whole purchase  but I'm not sure how to structure a deal that lets me pay him off in a year or so.

Thanks!

[Sam Wilson]

@Craig Parsons - From what you have said, it sounds like a great investment idea.  What size are you thinking for your storage?   The reason I ask is we are developing a boat/RV storage site that is geared for hunting/fishing season in our area.  Didn't know if you had room for that or at least wanted to give you another option!  When doing our market research, we found that there was a huge need for people to store their seasonal gear/toys/etc.  

Please post before and after pics!  I always love seeing people's creativity in retooling commercial spaces like this.