With the elevated cost comes another benefit for a landlord: tenants take good care of their investment. Cleanliness and regular attending by owners and staff are the norm. Review the items below to see if your center or building meets the requirements of a successful Laundromat location. At the bottom of the page are examples of two addendums that are included in most Laundromat lease agreements. You can review them to see if you want a Laundromat in your building. These are the things needed by most Laundromats in order to be successful:
Are you a landlord looking for a quality long-term tenant for your building or center? Laundromats make great tenants. Instead of searching for a new tenant every five or ten years, a Laundromat provides a landlord with a long term [up to thirty years and more] tenant. The high cost of tenant improvements paid by the tenant to
build a Laundromat guarantees an unbroken income stream. The tenant may assign the lease, but the facility remains and the rent continues; Laundromats change hands but do not go out of business. They are premium tenants because once you have provided the initial concessions (free rent during construction and allowances for improvements) you never have to pay another real estate commission, remodeling cost or experience any vacancy period. Good times or bad the recession-resistant Laundromat business goes on. Laundromats also serve as excellent draws for your centers with many other businesses wanting to be located near the customer traffic produced by a busy Laundromat.
LANDLORDS LOVE TO HAVE LAUNDROMATS IN THEIR CENTERS
These neighbors who benefit are often willing to pay additional amounts for their placement nearby a Laundromat. With cost of construction of a new Laundromat approaching $300.00 per square foot, the quality of the tenant ishigher-end. Gone are the days when the neighborhood "handyman" could afford to build, own and operate a facility. As an investment, the tax benefits of ownership (ADA tax credits and five year depreciation) have moved the ownership to a higher-income individual.
COMMON LANDLORD QUESTIONS