Your competition for storing the equipment is probably public storage. 

Wouldn't there be a lower risk of phantom income with a strong credited tenant such as a CVS/Walgreens as oppose to "Joe's Liquor Store"? 

MBA CREF: https://www.mba.org/store/events/conferences-and-conventions/cref/multifamily-housing-convention-and-expo-x249072CheersIan

Commercial purposes means running a business out of the home, like day care, car wash business, landscaping business where you store large commercial vehicles, retail sales, etc.

Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum.

The house sits on a lot that is currently zoned as B3-1 ("Shopping centers, large stores, and retail storefronts, often along major streets.

What if there is meth and dead bodies stored in the walls?

Rustoleum would be great, but there are specific paints you can buy for steel/Iron at your local hardware store.

In fact, it sort of looks like a high-end antique store that was vandalized by an angry raccoon who liked decorating the piles with ladies shoes. 

I am located in Pennsylvania, specifically the Lehigh Valley, and I focus on value-add Multifamily...In case you need them, here are few things to check out as you work your way around the site:For more information on the BRRRR strategy check out David Green'es book: https://www.biggerpockets.com/store/brrrr-ultimateFind and connect with other BP members that are in your area: https://www.biggerpockets.com/search/usersSet up some keyword alerts to notify you when members are discussing something that interests you.