On-site laundry or in unit laundry hookups?

Question

I have a fourplex in Michigan that has a common room that is set up to serve as a laundry for the 16 total adjacent units.  Very small rural town.

I had never looked up the numbers for laundry. I was set on transforming this common room into a small efficiency apartment or fifth unit.  Adding in unit laundry to each unit.

42x4x16=2688.  Half that seems worth it.

All thoughts are appreciated.

Drew Sygit · Answer

@Gary Abner yes we have experience with companies that install and manage laudnry appliances.

Drew Sygit · Answer

There are companies that will supply coin-operated washers & dryers, service them and split the funds with you.

Confused though, you stated you have a 4-plex, but that the laundry area supports 16 total adjacent units. Who owns the other 12 adjacent units?

Paul Sandhu · Answer

Look at the big picture.  You are not a laundromat, you provide housing with amenities.

Frank Chin · Answer

@Gary Abner

You have to watch out for zoning codes. Where I am, getting up zoning approval from 4 to 5 not easy, and requires a public hearing.

The other problem is financing. Up to 4 units, you can obtain a conventional 30 year residential mortgage. Five and up you're in commercial territory with higher rates, shorter terms.

Also, I owned condo rentals, and the HOA provide several laundry rooms in the complex, and they forbid washers in individual units. People tend to be careless, and tenant had leaks from the unit above surreptitiously using a washer.

I would stay with a laundry room.

Paul Sandhu · Answer

One of my landlords in college did that.  Pay washer/dryer in each individual unit.  He had about 500 units.  Henry Fisher, Carbondale Illinois.  It took about a month until someone showed us a trick.  He drilled 2 holes in the back of the coin mechanisms and then bent a coat hanger a certain way to trip the coin dropping lever to give a credit to the appliance.  6 months later a key was floating around to unlock the coin boxes.  I used the coat hanger and a piece of gum to fish out all the quarters to buy beer.

Gary Abner · Answer

It was built with this laundry room to service the units, I'm only considering the reason they did that must have been good.  Putting it back in a service is 2600 maybe 1,300 a month.  looks like a good use of the space to me.

it's already commercially zoned and would be it's intended purpose.

Gary Abner · Answer

I own 8 total, two other owners own 4 each.

There are companies that will supply coin-operated washers & dryers, service them and split the funds with you.

Have experience with this?

Thank you

Gary Abner · Answer

Who makes money providing on site laundry?

Paul Sandhu · Answer

You will have 32 thermocouples and 64 agitator dogs to crap out on you

Gary Abner · Answer

I provide hook ups only for i iin-unit.

i provide the washer dryers for on site

On-site laundry or in unit laundry hookups?

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