Convenience store pros and cons

[Ben Lin]

Hello BP,

I am looking to purchase a duplex. First floor is a fully occupied convenience store and the second floor is a 2 bedroom apartment unit. This is going to be my first time owning a commercial unit in a big city. 

What are the pros and cons owning a duplex with a convenience store on the first floor? Do you think I need to up my insurance to protect myself because of the store? The cross street is pretty busy and I think around 500 people visit the store each day.  

I think rental income is very good but are there potential pitfalls that I don’t know? 

Any advice is appreciated.