If you Google "warehousing apartments", you'll see quite a few stories. Remember that renters can block your ability to convert the property to something else,

If you Google "warehousing apartments", you'll see quite a few stories. Remember that renters can block your ability to convert the property to something else, as you can't instantly evict them, so the value of the property can be higher the more empty apartments there are. In cities where there are businesses on the bottom floors, and apartments above, they sometimes only rent out the business spaces, as they lack the same level of legal protection from short term evictions.