It's a great idea if you come out ahead after demolition (including asbestos abatement/environmental costs): permit fees (including systems development fees, e.g. traffic impact, schools, parks, etc.); costs of construction and financing charges/interest. You may happily be in a jurisdiction that doesn't hose you like the Peoples Republic of Portland in Oregon on the left coast but you'll still want to look into the fees they'll extract from you for the change of occupancy type.
I just bid a dental office build-out that's changing around 1500 sq ft from office to dental/medical office and the SDC's in Portland were $25,300.00 and another $10,000+ for the actual permit fees.
Good luck, but watch out for the government.
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 Scott, Portland, OR '85 V-20 I/O, Merc 170
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