Convert from two to three family or live in commercial space?

I own a mixed use commercial building where the ground floor is a commercial space that is very difficult to rent out. The second and third floors have one apartment each. I was planning on starting the process of converting the commercial space into an apartment for me to live in (not renting it out) but the cost associated with the process is astronomically high and out of the range that I can afford (architect + sprinklers throughout + renovations) What if I made the commercial space livable by adding a small kitchen and a shower (a bathroom already exists), and lived there (again, not renting it out)? Aside from a standalone shower and kitchen, I would keep the existing open layout. What is the real risk here? Any advice? From the outside, the building doesn’t look commercial, if that makes any difference.

donaldn

in Conversion 9 years and 8 months ago

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resident2 | 9 years and 8 months ago

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With your plan you will be creating an illegal multiple dwelling; if your other tenants are of the underhanded type, they will have a means of not paying you rent and not being able to be evicted until you have legalized the mess you have made; yes a catch 22. Or if a fire happens, no insurance company will pay out and heaven forbid if a tenant gets hurt in the process. So what you are suggesting is a dumb idea, just because it is you that is living in the extra apartment,make no difference than if you rented it out, you have made the whole building illegal.. The commercial space, no matter where it is has some value, maybe not a conventional business, or one that you had thought of, but every space can rent, even if it is as back office space, artists studio space, even storage space etc.