Buying mixed use property and possibily putting business there

[Chris Masons]

Hi guys,

Wanted to bounce this off you for additional thoughts and feedback I may be missing. Though it doesn't deal directly with RE it does indirectly deal with Real Estate...

I am looking at a 4 fam. mixed use brick building consisting of 3 residential apts and a store front on ground level (currently a cafe)

If I bought this building I was considering having the cafe move out (their lease is up) and maybe putting in a laundrymat. There will be a significant upfront cost/investment to do this but I am thinking it can be a long term profitable little side business ESP. b/c of the fact I will own the building and will not have to pay rent to anyone buy myself as well as it won't require much overhead to run the business.

The other positive factor is I would buy the equipment new so there would be low maintenance/repair issues.

The way I see it my biggest expenses would be utilities IE. water and gas electricity, as well as insurance and then whoever I hire to run the business. I need to find out the average costs associated with this type of business..

As I said I am just kicking around this idea and wanted to get additional input and feedback from anyone who may or may not have experience in this type of venture.

Commercial RE is not my Forte and the thought of trying to find a commercial tenant every 5 or so years is not that appealing to me so I Thought if I can turn the space into my own business that kind for the most part run itself it would be a win win situation.

I welcome thoughts and or things I may have overlooked.

p.s. this business venture assumes the area is good and there is not another similar business nearby. Again I am just kicking around this idea. It sounds good on paper but the reality of it may be quite different. ONE thing is how the laundrymat business might impact the 3 other apartments in the building...

as always thanks guys!

Chris