There are zoning laws that specify how property can be used. You'd have to check with your local zoning commission (start by calling the tax assessor or collector to get their number, or google it) and find out what the zoning is for the address. Likely it is only residential. You can apply to have the zoning changed to commercial, which is what it would need to be if you wanted to have a club or lounge there, but your neighbors might protest it. Also, your taxes would increase because you'd go from residential to commercial.
