I'm in the process of doing this exact thing in Delaware. We started hashing out ideas in late 2019, and then in early 2020 we started making moves. Then COVID hit and halted everything for the time being. Here are just some thoughts of what we uncovered.

1. We reached out to several other established pinball clubs to hear their stories. One that has a lot of info already online is the Richmond Pinball Collective.
2. We were looking for at least 2000sq feet, the problem was everything was grossly overpriced to be self sufficient on membership dues alone. We estimated 2000sq ft because that would allow us to have roughly 50-60 games, with plenty of room to host 75+ people when we hold tournaments.
3. The best space we found was around 1700sq ft for around $1400 a month. This did not include utilities and other expenses. All in expenses would have been around $2000 per month for operations.
4. We were in the process of forming a 501(c)7 corporation, so we could be non-profit and operate as a private social club. This would allow us to be closed to the public and only open to members. It also would allow us to host 12 public events a year.
5. We also formed a board of directors.
6. No one on the board was invested to LOSE money. We obviously aren't a part of the board to make money, but our #1 goal was to have the club be 100% funded by members. In order to do this at the $1400 a month space, we would have to charge $40 per month, per member and would need AT LEAST 50 members paying that price per month. Make sure you actually have 75-100 people local enough that would support this club.

Good luck!

Regulated with an electronic keyfob system. Our club would only be open to members on set days at set times (similar to the Richmond Collective). We would then host 12 public events a year.

Being a private club, with games set on freeplay, does not require licensing.

I'm not fully up on the legalities, we had one of our other board members handle all of that so I don't have a direct answer for you. Plus so much changes between counties, states, etc., that what can happen in Delaware might not be the same in your area.

I know one of the driving forces behind us filing for the 501(c)7 corporation was to make sure we were classified as a social club which also made us tax exempt. It also would allow us to apply for a liquor license to sell alcohol (to further help cover expenses, game maintenance, etc.)

Only speaking from my experience here in Delaware, again could be different elsewhere, but the area we were looking in had numerous strip malls (30+ store fronts) with very few tenants. This was Pre-Covid. I begged the property owner to try and cut us a deal and he said he actually makes more money with it empty. I believe because he can write it off as a tax loss? Either way, pre-covid the property owners weren't budging on price even. Maybe that will change now.