I have an offer in on a 4-flat in Chicago, 2 and 2 side by side style. I want to add individual washer and dryers to the units, but won't be doing any other work. The process will be a bit of a hassle; tenants in place, awkward location for exhaust, etc.
I had an idea about creating a dedicated room in the basement for each unit (maybe 6'x6') that would be there own "laundry room." Tile floor, drywall, good lighting. Maybe a folding table and side by side units. Would be a much better place to do laundry then the typical hallway closet in-unit. But not in the actual unit. Would have to walk down the enclosed porch 1 to 2 stories.
I have not seen this setup before. Wanted to see what peoples thoughts are on this setup?
Rents are currently $1,600 and would want to try for $1,700. In Avondale neighborhood.
as a renter, my last few places have had a laundry situation that is downstairs in a basement, 1 or 2 floors below where the apartment is. It's one of the more annoying parts about the spaces, and I dream of the day where I can have access to in-unit laundry without having to wonder whether it's time to switch it over or not, and not forget about it for a day and a half because I moved onto other tasks that were in the apartment, and not the basement.
i dont know what the typical renter would prefer, but I would pay more for in-unit laundry than I would for a clean, well-lit laundry facility in the basement. just my 2 cents!
@Paul Garcia - I have seen laundry rooms in the basement as well but from my experience, those tend to be lower tier units that rent for below market value. It might be worth it though if the machines are coin operated and you can create another stream of revenue.
Agreed with @Andrew Freed on the revenue stream idea. It'd be a nice way to add NOI but would not achieve the rental premiums you're looking for.