Listing ID: 73574
Established in 1984, this 24 hour coin Laundromat is listed for only $59,900. It is located just west of Columbus, 15 minutes from the 270 outer-belt. The current owner has completed extensive improvements to the plumbing including installing a new water heater, new recirculating pump and more. Part of the more is a Well pump and a new Water Softener. Anyone who has owned a Laundromat will tell you that their biggest expense is water. This laundromat runs of well water, meaning, no water bill.
After having the plumbing re-done, the owner planned to remodel the front as the next phase of improvements. Plans change, and the owner has a new opportunity he wants to pursue and is now selling his full service laundromat which includes dry-cleaning. So, whoever purchases this all-cash business will still need to invest another $15,000 – $20,000 to remodel/refresh the front area. But then, for under $80,000, you have a beautifully remodeled laundromat, remodeled the way you want, that has updated mechanicals and runs on well water.
This Laundromat is located in an established center that includes a Family Dollar, smoke shop, a pet store and more. The Center’s owner has given the center a new look by resurfacing the parking area and adding new parking lot lighting. He also had a new roof put on this year. The store is approximately 4000 sq ft that includes multiple top and front loading coin operated washers. The dryers are gas dryers. Gas dryers are superior to electric as they get hotter and your customers have faster dry times. Plus, this laundromat offers Dry Cleaning. The businesses’ commercial accounts pay for most of the rent. With a BOOMing local economy and with even a conservative amount of advertising/marketing effort, the commercial accounts could be greatly expanded.
It’s not often you see a laundromat for sale under sixty thousand dollars. The cost to open a new Laundromat can exceed $300,000. Instead, purchase this laundromat which was established in 1984 and has never had the interior updated, invest another $15-20K to improve the look of the front and make this diamond in the rough shine once again.
Total Sales: Pandemic 2020-$47,608 ( 2019 total sales over $120,000)
Cash Flow: 2020 – $13,836 (2019 cash flow over $44,000)
- Asking Price: $59,900
- Cash Flow: $13,836
- Gross Revenue: $47,608
- EBITDA: N/A
- FF&E: N/A
- Inventory: $500
- Inventory Included: N/A
- Established: 1984
- Property Owned or Leased:N/A
- Property Included:N/A
- Building Square Footage:4,000
- Lot Size:N/A
- Total Number of Employees:1
- Furniture, Fixtures and Equipment:N/A
Located in an updated strip center with a Family Dollar and other retail businesses. : Landlord open to length of lease.
Seller to ensure a smooth transition to new owner.
Owner has other business interests.
Business Established at this location in 1984. An established business with over 35 years in this community.
The venture was founded in 1984, making the business 38 years old.
The transaction shall not include inventory valued at $500*, which ins't included in the suggested price.
The company has 1 PT employees and resides in a building with disclosed square footage of 4,000 sq ft.
The real estate is leased by the company for $1,958 per Month
Why is the Current Owner Selling The Business?
There are all sorts of reasons individuals choose to sell companies. However, the genuine reason vs the one they tell you may be 2 completely different things. As an example, they might say "I have too many other responsibilities" or "I am retiring". For many sellers, these reasons are valid. But also, for some, these may just be excuses to try to hide the reality of transforming demographics, increased competitors, recent decrease in earnings, or a range of various other factors. This is why it is really important that you not depend absolutely on a vendor's word, yet rather, utilize the vendor's answer in conjunction with your general due diligence. This will repaint a more reasonable image of the business's existing situation.
Existing Debts and Future Obligations
If the current business is in debt, which lots of companies are, then you will have reason to consider this when valuating/preparing your deal. Lots of businesses finance loans with the purpose of covering things such as supplies, payroll, accounts payable, so on and so forth. Remember that occasionally this can imply that profit margins are too small. Numerous organisations come under a revolving door of taking loans as a way to pay back various other loans. In addition to debts, there may additionally be future obligations to consider. There might be an outstanding lease on equipment or the building where the business resides. The business may have existing contracts with suppliers that should be satisfied or might cause fines if terminated early.
Understanding the Customer Base, Competition and Area Demographics
Exactly how do companies in the location bring in brand-new customers? Most times, businesses have repeat clients, which form the core of their day-to-day profits. Certain elements such as brand-new competition growing up around the area, road building and construction, and also personnel turnover can affect repeat customers as well as adversely impact future incomes. One important thing to take into consideration is the area of the business. Is it in a very trafficked shopping center, or is it concealed from the main road? Clearly, the more individuals that see the business regularly, the greater the chance to develop a returning client base. A final thought is the basic location demographics. Is the business located in a largely inhabited city, or is it located on the outside border of town? Exactly how might the regional median home earnings effect future earnings prospects?