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Asking Price$249,000
Revenue$265,200 Established1975
Cash Flow$53,956 Employees2 full, 2 part
FF&E$125,000 FranchiseNo
InventoryUndisclosed RelocatableNo
Real EstateUndisclosed Home-basedNo
* Included in Asking Price
Established for 35 years in a safe Brooklyn neighborhood, this laundromat was totally renovated 10 years ago and looks almost brand new. Its 23 Speed Queen washers (3 - 50 lbs, 5 - 40 lbs, 6 - 30 lbs, and 9 - 20 lbs) and 22 Speed Queen dryers have been very well maintained. In fact, a handy new owner could save money that the seller has been expending on an outside service guy. All machines come equipped with card readers. The landlord is the seller and, therefore, the lease negotiation will be streamlined. He is willing to offer a 15 year lease for $4,500/month with 3% annual increases. The seller wants to retire and only manage his real estate properties. As it is, the laundromat is only open from 7am-9pm every day. A more hands on owner could expand the hours and figure out ways to utilize capacity more. There's a lot of upside here. In terms of revenues attributed to machine usage, self-service accounts for 45%, drop-off at 22%, and pick-up & delivery at 33%. Outsourcing of dry cleaning is minimal ($5,200 in revenue and $2,600 in cost of goods) and could be grown substantially. The balance of cost of goods ($13,000) comes from soap sold to self-service customers or used for drop-off and pick-up & delivery orders. There are a couple of mega laundromats in the area, but this one seems to be the most trusted vendor and continues to command customer loyalty. There are 2 full-time employees that work in-store and 1 driver that does all the pick-up & delivery. They are paid $9/hour on average. The annual water bill was $19,200. The laundromat is separately metered from the building within which it resides. The seller will seriously consider offers of $200K or more from qualified buyers. Please become a Premium Member at www.vestedbb.com to receive the name and address of this laundromat, so you can do a quick walk by. Then call or email broker Jay Goldman (561.213.6114 or jaygoldman@vestedbb.com) for an appointment to meet the seller and get a full tour of the facility, when you are ready to take the next step.
Training/Support:seller will train
Seller Financing:$249,000.00 Down and
Sale Reason:Seller is landlord. He just wants to tend to his real estate holdings in his retirement years.
Ad #34409
Seller Reference #22393
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Jay Goldman
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