Tips wanted on buying a building

[permanent hearing damage]

So I am just starting out on this, here. I have an established studio with established clients and am sick of paying rent on a space where I feel I have little security - constantly changing neighbors in a sub-divided warehouse.

I admittedly don't know as prospective building owner, what I should be looking for and what questions I should be asking. I am hoping to hear from folks who have done this previously and have some sage advice to pass along. Feel free to continue reading for specifics, but any advice you feel like sharing will be appreciated. Thank you in advance.

Details:
I am hoping to find a space that is at least 1500 sq ft, total, preferably with a high-ish (12 feet or more) ceiling, ideally all open. Hopefully made with lots of concrete. i have a rough idea of what I want to stick in there - two sizeable tracking rooms - one live, one dead, and a control room. additional room for storage, iso booths, possible living quarters is a plus.

I am looking at my first space this week. It is zoned residential (I imagine this is a good thing if I hope to live in it someday, and I think it makes for less hoops to jump through in terms of buying a place). It is a row unit, sharing walls with buildings that appear to be boarded up for now. The neighborhood is a hellhole (my current space is only 4 blocks away, so I am very familiar) 1800 sq feet, pretty open. Asking price is stupidly cheap and it seems it has been on the market for some time already.

[norton]

Plumbing, electrical, heating/cooling, structural and roof issues should be key on your mind. Next...how's the neighborhood? What's the area noise floor like(bus stops etc.)

What kind of buildout is required, sound isolation etc.

That's where my head goes first.

[goose134]

A two flat might be a good idea. Not a lot of concrete, but if Philly is like Chicago, then there will be a lot of brick buildings. Just leave the walls exposed brick where you're tracking. The advantage is you could cordon off the top floor for living (and maybe even control room) and track in the first floor and basement.

[JWL]

Not much to add. HVAC is likely to be the biggest hassle with a buildout, with electrical and plumbing close 2nd and 3rds.

Make sure the foundation is solid so you have something to build up from, and actually hope to achieve some soundproofing.

High ceilings are good, as you know.

Be careful with residential zoning, it might make it difficult for you to run a business there.

[Studiodawg]

If you're in "the hood", you will need to consider security...

[EasyGo]

I would suggest getting some professional advice on the building. I would definitely have the place inspected to get a realistic view of what the building needs to be viable. Structural/foundation issues, need for a roof, electrical and plumbing issues can be deal killers.

I would also consult a professional realtor or developer to get their read on the situation. Especially if the neighborhood is a 'hellhole' as you say. If the asking price is 'stupid cheap' and the property has been available for some time, consider the possibility that a developer or real estate investor has not considered this property as a viable investment.

Not trying to sour you on the idea by any means. But just trying to get across that the wrong building is a ball and chain, as in the costs will eat you alive. Real estate is notoriously 'illiquid.' It's hard to sell it when you need to. A good question I'd be asking is, 'Can I sell this building to someone else when it's time to move on?'

Perhaps renting sucks, but it allows you to walk away from the situation relatively easily vs. owning. Saying that as a property owner, a recording geek and as a (former) business owner.