1st Multi-Use Commercial Property deal - numbers seem okay

[John Robinson]

Multi-Purpose property
3 retail units out front
3 apartments in back
2 warehouses in back
10 storage units in far back

price: $1 million

bank wants 25% down (250,000) - I'm going in on this one with another investor, I'm only able to do 25% of the 25%.  Partner will own 75%.

Annual property taxes: $22,000
4.5% interest rate on loan (20 year)
current gross monthly rent = $11,206
water & sewer monthly = $117 (tenants pay other utilities)
monthly insurance = $473
5% vacancy = $551
repairs & maintance (2%) monthly = $220
capital expenditures (3%) monthly = $330
other monthly expenses = $400

everything seems good as we'll be cash flowing positive right out of the gate.  There's one empty warehouse at a potential of $550 a month to bring in, as well as 5 storage units at $75 a month if we can get them rented.  Most times the storage units are 1/2 rented - 1/2 vacant.

   Never done a commercial property before - my BIGGEST worry on this one is that the town decides NOT to grandfather us with the property (doesn't have sprinklers - only one point of entrance/exit for apartments, etc.)  No guarantees that they'll allow what was previously grandfathered as being okay.

Any other thoughts on what I can be missing.  Environmental report & inspection went as expected - as these reports all seem to be about cya.  'Unit appears fine, seems okay, might be, who knows, not sure'.  They also charge a whole hell of a lot more for commercial inspections than residentials, but still give you vague information and do little to give buyers any confidence for fear that someone will sue them for not pointing out something...

Appreciate any and all feedback -

John