Coin laundry in small multi-family (quadruplex)

[Drew McLoughlin]

Does anyone have experience offering paid laundry (coin/ credit card at the machine) to multi-family tenants? Any tips? Am in option period for a quadruplex that does not have W/D connections. Potential opportunity - there is an attached utility closet that I believe could and/or used to serve this purpose as it has the red/ blue inlets built into the wall next to a hot water heater that is also in the closet. Closet is currently used for storage.

There is a coin-operated laundromat in walking distance that residents at this property as well as neighboring multi-family complexes use. It is close (5 min walk) but often crowded. Densely populated area. Could offer competitive pricing compared to the laundromat, with added convenience that it is on premises and laundromat does not take cards.

First step is to get a quote on bringing plumbing (and electricity) to this utility closet. Plenty of building code considerations I'm sure given hot water heater right there.

My first thought to monetize is to lease commercial grade equipment - maybe 2 stackable W/D - with revenue-sharing from a company that would provide the equipment at no up front cost and handle maintenance. May buy my own down the road if the system works.

Also of note - owner has been paying the water bill, it's not sub-metered. Would think laundry revenue would offset the additional water usage.

Appreciate any thoughts!