I have the opportunity of buying a building in a small town that comes with a laundromat business. The building consists of 2 apartments (1 bedrooms), and 2 retail spaces (one being the laundromat the other is rented to a pool company).
Anyways this laundromat has been in business for 15+ years and is one of the only laundromats in town. The building needs some definete cosmetic improvements but the "bones" look good. The machines in the laundromat are pretty ancient and the guy that owns the building is a washing machine repair man by trade so it's not that big of a deal for him to fix them. I think leasing new machines would definetely be in the picture...
Anyways I am not too concerned about the rest of the building, looks like a cash flow positive building. However I am concerned with the amount of upkeep/maintenance running a laundromat would entail...One of the bigger issues is that this building is in a small town about 15 minutes north of my town, so I would require an employee to open/close the business everyday. I guess once a week or so I would get someone to withdraw the coins from the machines... The laundry doesn't make mega bucks but I think it's severely under utilized as there are no pop machines, video games or laundry product machines in the space. Plus after a good clean up it will look entirely more appealing
Anyways if you guys have any good advice on the laundromat business I would be delighted to hear it
Thanks,
DH