Mixed residential/manufacturing/commercial building idea

[Ben Skove]

I've found a property with an owner who is tax delinquent. I've made first contact and he seems to have some interest in selling. The property itself is located in a old manufacturing part of town that also has a sprinkling of rowhouses and bar/restaurants here and there. It isn't far from downtown and universities.

Back taxes are 4.3K. I don't know interior repairs yet; he's done work on the outside under the city inspector's flogging, and it appears to be at least stable.

The building itself has what was once a retail area on the first floor with two stories of living space above it...around 2000 sq ft in all. Current owner is using it all as living space. The zoning in the area is manufacturing. The neighboring buildings house a sheet metal fabrication shop and a truck accessory business.

Given the factory/manufacturing character of the neighborhood, the opportunity for a normal tenant seems nil. Same with trying to put a retail tenant. Too small for commercial use.

My thought is to set it up as an artisan/craftsman/artist manufacturing and retail with living space for them above. There are places around town that rent out space for arts and crafts, but very few in which it's integrated with living space. Given the industries around them, it seems it would work well for a metalworker, sculptor, blacksmith, etc.

The university nearby has a well-regarded design and art department and there are several other art academies. On the other hand, this place is isolated from the other hip, happening art "communities".

Please, poke some holes in this! :)