Industrial/ Automotive Property - San Fernando or Simi Valleys
I'm looking to purchase an industrial or automotive commercial property to house my classic auto parts business. I've been leasing a space in Simi Valley for years, but would greatly prefer to own the property my business is in. I need about 2000-2500 square feet for my business. I'd like to buy a property that is large enough so that leasing out the remaining space covers most if not all of the mortgage & expenses. When looking at smaller properties of 5000 square feet or so, the figures don't seem to pan out. So, I'm thinking I need to look at much larger properties so my usage area is a much smaller percentage.
I know that multi-family apartments are valued by a factor of the rental income, and that commercial loans are based mostly on this. Are industrial/ automotive properties valued and loaned against the same way? I have about $120K-$150K available for the down payment, which I realize isn't a lot when considering a multi-million dollar property, so I'm hoping the rental income will play into my ability to qualify for a loan. What are my options?
Also, are there any industrial or automotive properties in the San Fernando or Simi Valleys that have or allow a residential component for the owner?