I have been looking at opening a laundromat off and on for 3 years. I put the laundromat on the back burner while I was I was growing my real estate business. I have been actively looking for the right place to open my laundromat since early 2020 when I heard a Bigger Pockets podcast on the subject.
I live in a town of 9500 people, with 3% annual population growth. Currently, there are no laundromats in town. That would make opening one a “no-brianer” – right? The town closest to us has 11,500 and 2 mats (really 1.5 because 1 of them is mostly broken down).
Now, the demographics – For 2- and 5-mile radius:
Rental % – 25/17
Total Households with Income of $35K or Less – 396/640
Average income is around $45k/yr.
Any thoughts or advice?
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