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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Modern Laundromat
(Services, Dry Cleaning, Laundromat)
Somerset County , NJ
Listed Price: $ 450,000
Listing ID: LAUN277

Listing DetailsGross Revenue: $ 262,829
Cash Flow: $ 86,346
FFE: $ 388,000 (Included in Price)
Inventory: $ 1,000 (Included in Price)
Reason for Sale:

Owner is retiring and relocating out of the area.


Training & Support:

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.


OperationsYear Established: 2000
Days & Hours of Operation: Mon.-Sun. 7am-9pm
Non-owner Payroll: $ 3,276
Employees: 2
Absentee Owner: No
LocationLease Expire: 0000-00-00
Monthly Rent: $ 5,800
Square Footage: 4200
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.


SummaryBusiness Description:

Recently available, remodeled, modern laundromat business 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. The 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. 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. The transaction will include a new long-term lease with a monthly rent of $5,800, rent security will be required. The business fixed assets has an estimated value of approximately $388,000 which is specifically based on equipment, licensing, and facility replacement cost. This successful laundromat operation is active seven days per week, with hours from 7:00 am to 9:00 pm. The 2017 yearly gross income represented by the seller owner is $262,829and the business has a yearly net income of approximately $86,346 based on an onsite owner operator and prior to any debt service. 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. 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.


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.


Potential Growth:

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/Terms:

Available to a qualified buyer with an appropriate down payment.