Midcoast Maine Coin-Op Laundry Cost?

Question

In two weeks, I'm installing coin op laundry in a 9-unit building in Bath, Maine. I haven't had coin ops in any buildings yet (usually hookups or nothing). How much should I charge per load to wash and to dry? Mainers, where are you located, what kind of building is it and what do you charge?

Thanks!

Jordan Berry · Answer

I think @Amy A. had it right. Check out the local laundromats to see what they are charging. You can probably charge a little more for the convenience. But @Jeremy A. has a good point. It adds a layer of complexity to your rental. You just need to decide if it is worth it. I own laundromats and I can tell you that people don't treat the machines kindly. I also have friends who have apartments with laundries and they can be a source of conflict between tenants, a magnet for non-residents to use/vandalize, and do require upkeep and maintenance. All that said, it still could be well worth it if you manage it properly. Good luck!

Amy A. · Answer

My buildings in Androscoggin county charge about $3.50 total per load. Check out your local laundromats, you might be able to charge more. Also, the money is made not just by the coin income, but from the savings of not having tenants do laundry all day long. I've had a couple of tenants who had some sort of obsession with laundry and would do every outfit separately! Also, some tenants will do all their friends' laundry if it's free.  The machines will pay for themselves quickly. Good luck!

Jeremy A. · Answer

I had coin ops in my 10 unit. Too much maintenance, too much theft, or attempt over ride boxplus had collect coins. Waste time waste money.

Simple solution worked great.

Buy regular large capacity wash dryer used but under warranty

Change lock on entry door to laundry room with push button code key lock $40 from lowes that auto locks itself and charge $25 per unit to get access to code. No payment no code. People move or can't wont pay extra each month change code.

tried $25 per person but few complained so for now its per unit.

Max T. · Answer

@Dave Holman

Use a regular dryer but charge double the market price for a wash load. Get speed queen machines to cut down on maintenance.

Patrick M. · Answer

I can’t add to the geographically specific question ($2 a wash and $2 a dry here in NJ) only to say that we checked out the price of the laundry mats and based off that. We didn’t go higher because they have industrial front loads and dryers that are timer specific.

As for the hassle- the only hassle I have experienced  is when the coin box is so full that it is a little more difficult to pull out of the machine.

I absolutely love it. It is not a “break even/profit” kind of investment for me. I bought brandy new speed queens and haven’t had an issue. We also made a nice clean laundry room in the basement.

I look at it differently then the typical investment- i just put in 4 new water heaters, they don’t have a coin box. So yeah, they cost money, and If I was trying to make the money back in a ledger sheet type of way it might not work. But I also don’t do that with the water heaters- I have a cash flowing business that has expenses. This one I voluntarily installed and I get paid for it.

I think the keyless entry is a great idea- it would not work for me or my building, but a great idea. Especially for those with a 2-4 unit.

Midcoast Maine Coin-Op Laundry Cost?

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