anyone familiar with small commercial storefronts in old Rust Belt neighborhoods?

[Dan C.]

I am interested in a four-unit apartment in Milwaukee - but it happens to have a small commercial storefront.

I fully recognize that this storefront is about the lowest form of commercial property you could have. It's tiny, it's in an old structure, and has no parking. It's in a neighborhood which has declined.

It's empty now - it was previously a convenience store. This commercial strip has t-shirt shops, hair and nail salons, etc.

It's not like it has absolutely nothing going for it. It's a pleasant looking brick building - definitely not an eyesore. It's on a street with a traffic count of 10,000. It's half a mile from a large and growing hospital (but unfortunately not on the same street)

My questions are - what vacancy rate do you use; any particular tenants you have a preference for; and what other questions should I be asking the seller when I look?