Laundry Room for Small Rental Property

[Rosalie DiPietro]

Does it make sense to create a laundry room in a three unit building in Astoria, Queens, NY (Upper Ditmars Area)?

I'm considering creating a laundry room in a portion of the garage.  The area rents are great and buildings with laundry rooms attract more $$$.

Not sure if I should put in coin operated machines, submeter for track water usage, or charge a flat fee ($50 per person per month).

Any insight would be appreciated!

Thanks!

[Nathan Gesner]

Quote from @Rosalie DiPietro:

Does it make sense to create a laundry room in a three unit building in Astoria, Queens, NY (Upper Ditmars Area)?

I'm considering creating a laundry room in a portion of the garage.  The area rents are great and buildings with laundry rooms attract more $$$.

Not sure if I should put in coin operated machines, submeter for track water usage, or charge a flat fee ($50 per person per month).

Any insight would be appreciated!

Thanks!

You have to consider the cost. $2000 for the machines, then add the cost of setting up water, electric, and venting. Each month you will have to pay the utility bills And spend time collecting the coins, not to mention the occasional cleaning of the laundry room or maintenance on the machines.

Bjorn Said they are collecting $300 a month in a 12-unit property. If all things were equal, your three unit property would bring in less than $100 a month. Subtract the cost of utilities, and you are probably just breaking even.

on the other hand, you can rent that same space for $75 a month as a storage unit. Almost no setup costs and guaranteed increase in revenue.