I withdrew last second from a 20 person, co-ed, co-living space in college which was just an absolute mess in many aspects. 

The house currently sits on a Multifamily Lot, however I'm unfamiliar with the process of working with the town to convert the space into an actual unit. 

I am very comfortable operating in this space and I am confident in my ability to be successful in the business.

There was a two car garage in between the two units and they are in process of getting that permitted for an ADU, plus there is space for parking for each unit so that of course was a plus in LA...Then going from there, depending on $ and your comfort with risk there are many more options out there. 

What are the right numbers to run for commercial spaces? 

Will corporations pay extra, so that employees can afford to have the extra space or will they sell it as a benefit to the employee and gladly keep the savings from not having to provide office space? 

What I was trying to say was that new deal flow (Not Refi's) in the multi-family space has and will likely continue to slow down in the near future. 

There are lenders tied to the CMBS/CLO market in the smaller balance space but my experience suggests that most loans under $5MM are picked up by regional banks, credit unions and agency. 

For some reason though, landlords (they are usually huge corporations like Federal Realty) do not ever drop their rents to get the spaces leased.

It reminds me a lot of 2008, some signals are there, like developers building prime office space that cannot be rented for the money they want, or that is sitting vacant.