There was a big hullabaloo over a proposal to license a gun store near a school in West Allis a couple of years back. This despite a complete lack of evidence that shows the shops present any danger. 

People in the area assumed that people would purchase a firearm and walk out shooting it into the air like Yosemite Sam, screaming, "Yee-Haw!"

The reality is that gun purchases made through a federally-licensed seller are researched and largely safe. Background checks are mandated and the waiting period means that guns aren't impulse purchases.

Ultimately, the location of the gun shop is no more or less safe than any other area. It has little impact. 

That's not stopping California residents from freaking out over a gun shop being opened in a home in their neighborhood. From Silicon Valley's Mercury News:

During the usual arguments from gun control advocates and gun enthusiasts at a workshop on residential gun sales Thursday, one new piece of information emerged -- the online firearms business that prompted the meeting is up and running, police confirmed.

In October 2011, Rico Tedjakusuma received a home occupation permit for an office for LNC Arms. But for months it was unclear if he was selling guns since the LNC Arms website remains under construction.

At the workshop, Councilman Jack Weir said Tedjakusuma is selling guns and that most of his customers find him through online chat rooms where federally licensed gun dealers solicit business.

Tedjakusuma also told police he operates by purchasing a gun from a vendor and shipping the firearm to a federally licensed dealer, who completes the transaction with the buyer, according to Lt. Dan Connelly. Furthermore, the staff report notes that Tedjakusuma has told the city that "firearms are not typically shipped to or stored at the residence."

Whether Tedjakusuma keeps inventory at home is a major concern of residents who believe residential gun sales threaten public safety. The U.S. Department of Justice's Bureau of Justice Statistics recently reported that from 2005 to 2010, an estimated 172,000 guns per year were stolen during residential burglaries.

The problem with the statistic at the end is that the weapons are stolen from people's homes, not a gun dealer's home. Want to put money on the amount of security he has at his home? I'd guess the guns are locked up pretty well. 

Moreover it sounds like if the neighbors weren't putting up a stink the location of the guns would never have been revealed. They essentially put a target on the home (and by proxy themselves in the kind of danger they were claiming to be afraid of. Ah, irony).