Interesting real estate opportunity

[Icecreamarsenal]

Interesting real estate opportunity
So I’ve recently come across a pretty interesting real estate opportunity.  I’ve wanted to move closer to work.  I currently live 23 miles away; this real estate opportunity is less than a mile from work.
What’s particularly interesting about this building is that it is comprised of 2 residential apartments above a pizzeria.  I don’t have all the specifics yet, but the pizzeria is operational and making money, and I believe the owner of the pizzeria owns the building.
The apartments are 2 1-bedroom apartments that are 800 sf each.  The pizzeria has seating for 30 customers.
The space is for sale for $250,000.
Its my wife, my baby of 6 months, and myself, so I’d be combining the 2 apartments on the 2nd floor.  And as far as the pizzeria is concerned, I suppose I have the option of renting out the space as a working pizzeria.  My wife and myself have been interested in owning and operating a restaurant, but the neighborhood that I work in is highly unlikely to be open to our concept.
Has anyone had any experience with purchasing, living, and working in a mixed commercial/residential building?
What particular things should I be concerned about that don’t apply to pure residences?
Obviously I may have jumped the gun by asking the forum before having all the specifics, but what should I ask the broker/owner for?

[rtrnow]

I don't have the exact experience, but have been in the restaurant industry for a bit. I would strongly caution against opening a restaurant unless you have prior experience or a partner that does. It's a tough business and statistically you are likely to fail. Despite being a chef, I will never open my own restaurant. The headaches are endless even taking the money out of the picture.

[Stachesquatch]

I'm currently invested in residential only properties, but from a brief foray in the past in business property I'd advise that you work with an experienced real estate attorney. There are a lot of ways to get burned in business rentals, and additional liabilities (you don't want to find out you need to do costly renovations to meet fire code in a commercial kitchen for example).

I do feel the right opportunities of this nature can be extremely rewarding if approached properly.

[socaso]

I don't have the exact experience, but have been in the restaurant industry for a bit. I would strongly caution against opening a restaurant unless you have prior experience or a partner that does. It's a tough business and statistically you are likely to fail. Despite being a chef, I will never open my own restaurant. The headaches are endless even taking the money out of the picture.

+1 on this. I got talked out of a romantic notion I had to open a restaurant by an SBA volunteer with a hell of a lot more experience than me.