How much income from coin operated laundry machines

[Anish Patel]

Hey BP Community.  Looking for some input.  I have 16 units on one block in a downtown market.  None of my units have washer or dryers so they all go to laundromats close by.  I am wondering what I could expect to bring in monthly on coin op machines.  One of the units has a small commercial in the front that just got vacated and I can use that space to put easily 5 washers and 5 dryers.  I am hoping people will share following info below.  I am looking also to purchase the machines and not go with a lease and split option.  How many machines do you think are adequate for 16 units?

Number of Units

Number of Washers and Dryers

Estimated Income per month 

Thanks BP Community

Anish

[Nik S.]

@Anish Patel 

For a 23 unit multi-family of mine, it's roughly $200-$250.

My cost for the water (high sewer rate) & electric is around $50, so my net is roughly $150-$200.

It's a great amenity for tenants, I charge $1.75 per wash & $1.75 for dryer, I own the machines.

I did have a recent incident where someone accessed the coin box and removed all the money! My fellow BP's and I came up with a great solution to keep my money safe! If your interested to see, let me know.

I also recommend getting the machines with the Credit Card as opposed to Coins. OR the get the processor that accepts the laundry cards...

I purchased my commercial washer and dryer for approximately $800 a piece.

A lot of people ask if my building facilitate a laundry room on site.