Laundromat & Property

Somerset County, NJ

Seller Financing Available
Laundromat & Property
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Asking Price: Get Financing: N/A

Cash Flow: $125,000

Gross Revenue: $274,969

EBITDA: N/A

FF&E: $388,000

Inventory: $1,000

Real Estate: N/A

Established: 2000

Laundromat & Property

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Business Description

Recently available, remodeled, modern laundromat business with real estate in a wonderful North Jersey community of Somerset county. The laundromat has thirty-four (34) newer washers and thirty-six (36) commercial dryers which are approximately seven years young. The equipment represents the highest quality brand washers and dryers with many years of continued use to the new owner. This Laundromat business offers self-service, drop off, and pickup/delivery service to its many customers. This successful Laundromat is a family owned and operated business that has been part of the community since 2000. They are not just your regular Laundromat down the block but rather “The neighborhood” Laundromat, where neighbors greet and socialize with each other while they do their laundry. They have been providing laundry services for years to the community and take pride in their work and are grateful for all their customers. The company takes a fresh and innovative approach to one of life’s daily chores, washing and maintain their customers cloths. Their aim is to apply loving care not only to clothes, but to their customers. Their staff and the environment make each part of doing laundry just a little bit better. For Qualifications purposes, this business opportunity industry does not require government licensing approval to purchase or operate other than the standard municipal licenses and state weights & measures. Regarding employees and payroll, as an absentee owner, this laundromat will require two full time employees at a monthly cost of $3,276. The employees are unaware of the pending sale. The payroll is routinely based on an hourly minimum wage and the staff is fully expected to remain post-closing. This business opportunity is in a free stranding commercial facility, on an active avenue with many other successful businesses. The laundromat is on a county road, for customer convenience, consists of approximately 4,200 square feet and has an estimated capacity for sixty customers. The business fixed assets has an estimated value of approximately $388,000 which is specifically based on equipment, licensing, and facility replacement cost. The washers and dryers are newer and represents the highest quality equipment available in the industry. This transaction consists of a fully equipped commercial laundromat business, which includes, the various required licenses, Rowe change double stack machines, thirty-four Dexter Washers, thirty-six commercial Dexter dryers, displays, various vending equipment, soap dispenser, internet connections, shelving, POS system, tables, computers, 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 municipal parking on site as part of the sale. This successful laundromat operation is active seven days per week, with hours from 7:00 am to 9:00 pm. The sale includes all required documentation including a certificate of occupancy from the local municipality and the required state or city licenses to conduct its day to day business. The 2017 yearly gross income represented by the seller owner is $274,969 and the business has a consistent net yearly income based on an onsite owner operator and prior to any debt service. The property has a commercial tenant with an $18,000 yearly rent payment. Also, due to a percentage of possible non-disclosed income, a formal due diligence is recommended to the purchaser. This business opportunity has been valued / priced based on a multiple of the net yearly income, the value of the specific business assets and the property. Also, possible seller / bank financing has been conditionally approved to a qualified buyer with an appropriate down payment, collateral and credit rating. The seller will confirm the property is Not in a flood zone. This is a dependable safe business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a consistent return on investment to the owner operator. Based on a 25-year payout at 6.25% interest, approximately 25% down payment purchaser would obtain a consistent net yearly income return on investment after debt service. Please do not disturb business, this sale is confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and the photo does Not represent this particular business opportunity.

Attached Documents


Detailed Information

Inventory:
Included in asking price
Real Estate:
Owned
Included in asking price
Building SF:
4,200
Employees:
2
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
This wonderful laundromat facility which consist of approximately 4,200, square feet has a modern professional appearance. The business is on an active commercial avenue with various other successful businesses. This opportunity is in Northern New Jersey, Somerset County, and they service various highly populated communities and businesses with continued demand for this industry. The property was built in 1942, is zoned 4A commercial, 37 X 124 feet, 2017 assessed value is $548,400, property taxes $18,706.
Competition:
Regarding competition, to the best of our knowledge, due to various circumstances, no other new competitors are expected near to this business. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.
Growth & Expansion:
The business can be further expanded with a new operator, presently has a limited marketing plan, no local advertising, limited wash & fold, poor web site and if improved can further develop the business yearly gross sales.
Financing:
Seller financing is available to a qualified buyer
Support & Training:
With respect to training period the owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator. Also, if required the seller may be available to supply additional training, at a fair cost to the purchaser.
Reason for Selling:
The owner is retiring after many years of success in this industry.
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(from currently available funds)
 
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Ron Cervelli

Business Listed By:
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Regal Consulting Corp.

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