Building Dilema Help

[Brad Fitzpatrick]

I just bought a building that is in bad shape.  Got a smoking deal on it.  Its about a 4,000 sq ft building that was previously 2 commercial units (warehouse/industrial type) and an apartment in the back.   I am torn on what to do with the building.  We are considering the following and I'd love some thoughts:

1)Keeping it as - demoing and clean it all up and rent as 2 commerical units and an apartment

2) Convert the entire building in to like 4-6 apartments and rent those out. 

3) Open to other ideas.

Thanks in advance.

Brad