If you can buy the building cheap enough, conventional wisdom can be thrown out the window.
I once toured a building that had been converted from an old warehouse to residential. Huge floorplate. They had built the condo units around the edges, created a hallway, and then the inside was divided up into "storage" spaces. Each condo owned the space directly across the hallway. They were very large, and people had transformed them into offices, arcades, workshops, playrooms, theaters, etc. You could do just about anything you wanted with the space, and because it wasn't "living space" you didn't have to worry so much about noise and the property taxes were lower than they otherwise would have been.
You can't sell it for a price that includes that space as "living space" either. Which goes back to the point - if you can buy the building cheap enough, you can make anything work.