Dec 19, 2019 — Check out the updates to this laundromat. This laundromat is coin-operated. That means virtually all of the revenue comes from quarters (unless it?s the commercial accounts). Other minor revenue streams include the ATM, detergent vending machine, and the soda machine. The current owner took over early this year and the business was closed for several months for renovations. Over the summer this business was being run absentee offering only self-service, producing $2,500 after all expenses were paid, and simply working a few hours a week. As of September 2019 the owner has been aggressively growing the business by offering wash an fold, drop off and delivery services, and bringing in commercial accounts (one currently pays $400/month, another $50/month, and 2 contracts are to begin in November which will bring in $2,000 a month at least in extra revenue) It's currently being run owner-operated (40 hours a week), but it can be absentee again if you decide to hire an employee. There are 20 Washers total. BREAKDOWN IS AS FOLLOWS: Wascomat Washers: 3x55lb, 1x45lb, 6x30lb, 2x20lb, 3x18lb, Huebsch Washers: 3x20lb, Speed Queen Washers: 2x20lb. 24 dryers (10 Double Stacks, and 4 Dexter Dryers. Machines vary in age, but are mainly newer than 10 years old. More than 90% of the machines are always working. The numbers are projections based on the month of September (since it?s only been open a handful of months, and the first months were slower as the business was just opening up). Now it's busier than ever. During due diligence, the seller has no problem with you being there to count the coins coming in (which really is the only way to verify the numbers in a coin-operated laundromat business). The seller's monthly expenses can easily be verified as well. There is a lot of room for growth in this business. There is no bathroom in the laundromat at this moment, but if you were to hire an employee, a bathroom can be installed. It's been approved by the landlord. The landlord will offer 10 years with a 5-year option to a qualified buyer. This is a CASH business. Apart from a notebook the owner keeps with records, you will have to do your due diligence to verify all the numbers. Seller will be very reasonable and allow sufficient time for due diligence, and be there every step of the way to verify the numbers. Seller will entertain reasonable offers. Please contact the broker.
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