Estimating Monthly income for Coin Laundry
I'm looking into a 4-plex that has a coin laundry room. I was analyzing the deal, and I was wondering how to estimate how much monthly income would a laundry room bring in for a 4-unit multifamily property. How do you guys estimate this?
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I have a 30 unit complex with 2 washers and 2 dryers. I purchased good used spew. Queen top loaders for $400 each. I bought a soap dispenser and a change maker for convince (another $800, but worth it for me.). I have almost exclusive efficiency units and most are single people, so less laundry then normal I guess. Mine are electric dryers. I charge $2.00 to wash and $1.50 to dry. I figure it costs about 1.00 +/- in utilities. One break down/service call per year at $300. I bring in anywhere from $200-$600 per month. I know a big range, not sure why, but those are my numbers. The $500 change maker is something I would advise to anyone having a small scale laundry. You also have to keep $120 or so of quarters in there. But you get to rotate your quarters and keep bills in your wallet, and not have to worry about rolling quarters all the time. Plus a big convenience for your tenants.
Hope that helps.