Yup, a guy in my area bought an old factory building with street-level garage door and another level in the back with alley access. It had clerestory windows in the back, an office space over the shop area and 3-phase power feed. He did a pretty major rebuild of the place, turned the office into a living space and such. He rented out the back half which helped the financial aspects. unfortunately, he developed cancer and died awfully young. But, it CAN be done!
Jon