Leasing a laundromat

[Fishtown]

Does anyone have experience in leasing a laundromat? Here is the situation: 50 year old laundromat in Philly with offices above. Existing owner who's office is upstairs, has no time to run laundromat. He does not want to sell the building because of his business on the second floor.
He would consider selling the laundromat with a very long lease but is also interested in leasing the business. Is there any positive or negative in leasing over selling the laundromat business?
Thanks,
Andy
Fishtown Laundromat

[Ken]

If it is good store and you have the money,buy it otherwise walk away!
If you lease the store,how are you going to upgrade since you "lease" the machines too.
My friend leased a laundromat once while the real owner took a "real" job.The owner won't buy any new machines when my friend was running it,he spent a lot time fix the old junk,he ran it for a few years.
The owner keep increasing the rent,until my friend was not making money,so he gave the store back after the lease end.As soon as the real owner took the store back,he replaced all the washers!He knew he can not run a good laundromat with those old junk but he won't replace them while other guy was running .

[mike]

Buy the building, and give the guy a long lease, even VERY long if he wants it.

You have to own the building !

It's a win-win situation, the guy gets his equity out but still keeps his office.
(unless, as Ken said, he just wants to re-possess the store in a few years.)