Essex County, NJ
Modern five-year young, profitable laundromat located in an upscale and active area of Essex County, and in the Montclair Bloomfield New Jersey area. This active laundromat was fully remolded 2011 with New commercial washers and dryers, which consists of a fully equipped computerized card system with credit card acceptance. The business has a huge potential to expand based on a more active owner with an improved marketing system. The new owner can also institute well water which would substantially decrease the yearly cost of utilities and increase the net profit. This is a dependable business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a consistent investment return to the owner operator before debt service. This industry does not require government agency approval to purchase. This retail facility which consists of 1,500 square feet has a modern professional and attractive appearance. The business is in a mid-size mall with various other active and successful businesses. This opportunity is located in Northern New Jersey, Essex County, which consists of various highly populated communities with continued demand for this particular service. This laundromat business has two full-time & two-part time employees, who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll of approximately $5,306. The business has an assignable commercial lease which expires 2035-01-01 plus additional options, with a monthly rent of $4,125 and rent security $8,000. The business is located in a free-standing facility which consists of 1,200 square feet has a capacity for approximately fifteen customers. The business assets, based on replacement value, have an estimated value of approximately $290,000, and the sale consists of a fully equipped commercial laundromat retail operation, which includes twenty newer commercial washers, fourteen 30 pound commercial dryers, all equipment is five years young, and all equipment consist of a modern card system. Additionally, included in the sale is numerous carts, displays, shelving, soap vending, two TV’s, two 55-gallon soap dispensers with pump, New boiler, and tank, POS system, tables, computers, various signs, software including all the necessary equipment to maintain the day to day business operation and a list of assets will be supplied to purchaser upon request. The facility has appropriate private mall parking on site as part of the commercial lease. The business is active seven days per week, with hours from 7:00 am to 11:00 pm. The sale includes a certificate of occupancy from the particular municipality and the required state or city licenses to conduct its day to day business. The seller / owner will remain post-closing to supply an appropriate training & transitional period to the new operator. The owner is absentee and involved in an alternative business out of the immediate area. This laundromat business presently has a no marketing plan, poor web site and if improved can further develop the business bottom line net income. Additionally, recently a large competitor closed due to the required cost of equipment replacement. The company has recently increased its wash & fold service to represent approximately 35% of its gross income. To the best of our knowledge due to various circumstances, no other new competitors are expected near to this business, and the owner has agreed to supply a long term non-compete agreement to the purchaser. The 2015 yearly gross income is $274,000, and the business has a yearly net income of $78,282 based on an absentee owner operator and before debt service. The business has been valued at $380,000 based on a multiple of the yearly net income, and the value of the specific business assets and seller financing has been approved to a qualified buyer with an appropriate down payment, collateral, and credit rating. Please do not disturb business, this sale is absolutely confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this particular business opportunity.