I owned a 4plex in Atlanta, but none of the units have washer and dryer hook ups. at this stage it would cost me too much to add to each unit , plus I paid for water. Nevertheless , this could create another income stream. I would like to add coin or card washer and dryer on the property. I was wondering if anyone can advise me on the type of washer/dryer and its affordability.
Up here coin op is a great option, usually 700-1200 a unit depending on quality. Meaning a washer and dryer could run you 1400-2400 depending. I have a three family with two washers and two dryers and pull about 4-500 out every 6 weeks. Pays the water bill and some.
I have a small apartment building. I put in a regular washer and dryer, no coin or credit card, free. If they want access to the laundry room then their rent is increased $50 a month. Everyone signs up for that!
@Paul Bloomfield I used speed queen. They usually go for around 1200 by me per machine but it’ll pay for itself in a year or two so it’s worth it.
@Seth Williams, what size and type you eventually end up using at the tri-plex? was it Speed Queen. Research showing that's one of the industries best. But its pricey .
@Chris Herrera, that price for the Speed Queen, was "per machine" a stack of both or you talking for each
@Lynnette E. I think that's a brilliant Idea. it might be more affordable with regular washer and dryer as well.
A 4-unit might be a bit harder to get income from machines. I've found that some people just REALLY like to go to the laundry mat that they have always gone to or they go to their parents house for free laundry, etc. So, you may want to talk with your current tenants and see if they would use it.
If they do use it, then the added income increases the value of the property which is nice. You'll want to make sure that the machines are in good working order or the maintenance on them can quickly outpace the income on them, especially if they aren't used all that much.
Although I can't really suggest this company (Sears Outlet) because I have had problems, I have used them and their prices are good for Kenmore and Whirlpool coin operated options. https://www.americanfreight.co.... Once you get them installed, I might then suggest looking into a solution like PayRange which helps people pay with a CC.
@Justine Hoggatt , about the Payrange, can it used on any brand washer/ dryer ? I didn't see that on their website, but I like what it does. Also what's your take on having a laundry room and giving access to the tenant via adding $50 to the rent. vs having coin machines?
I just have Maytag ones, and charge two dollars a wash and two a dry