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Laundromat In Nice Neighborhood
Location New York,United States
Asking Price Range < $250K
Gross Revenues $265200
Net Profit / Cash Flow $53956
Cash Flow Type Sellers Discretionary Cash
Seller Finance Yes
Year Established 2010
Number of Employees 4 - 5
Relocatable Not Disclosed
Number of Employees 4 - 5
Real Estate Leased
Training Seller Will train
Reason for Sale Personal
Description 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. 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/year with 3% annual increases. The seller wants to retire and only manage his current 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. It is separately metered from the building within which the laundromat resides. Call or email broker Jay Goldman (561.213.6114) for an appointment to meet the seller and get a full tour of the facility, when you are ready to take t
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