1.14x Multi-Unit Smoke Shop Specialty Retail Platform | $8M Revenue | Turnkey Operations
Deal ID: SNWN97
Overview
Established in 2021, this turnkey specialty retail platform operates 12 leased smoke shop locations backed by an experienced management team and a 38-person workforce. Unit economics are consistent across the footprint, with gross margins holding between 56% and 66% every month for the past two years. The business has built a 70,000+ contact customer database and ~50,000 social followers, and locations were renovated within the past six months, giving a buyer a refreshed, established multi-unit base.
Asking Price: $2,950,000
TTM Revenue: $6,709,771 (Jul 2025–Jun 2026)
TTM Cashflow (Store-Level NOI): $2,580,360
Multiple: 1.14x
NOI Margin: 38.5%
Gross Margin: 62.6%
2026 YTD Revenue (Jan–Sep): $5,366,267); ~$7.16M annualized
2026 YTD NOI (Jan–Sep): $2,167,911
1H 2026 Revenue Growth YoY: +22.7%
Revenue per Location: ~$559K
Industry: Specialty Retail / Smoke Shop
Locations: 12
Years in Business: ~5 years
Employees: 38 (30 FT / 7 PT / 1 contractor)
FF&E: ~$200,000
Inventory: ~$100,000, included
Real Estate: Leased
Seller Financing: Available to qualified buyers; terms negotiable
Turnkey: Yes; management team in place
Transition: Up to 60 days
Online / E-Commerce: Identified as a growth opportunity
Growth Opportunities
1H 2026 revenue grew ~23% year over year and Q3 2026 ~13%, signaling momentum after the refresh. Five flagship locations generate ~73% of store-level NOI, leaving clear room to lift smaller units. Growth levers include new locations and metro markets, tuck-in acquisitions of independent operators, centralized purchasing, broader assortment, loyalty and digital conversion of the 70K+ database, and compliant e-commerce. Seller financing is available, ~$100K inventory is included, and transition support runs up to 60 days.
Exit Advisor Takeaway
At ~1.14x TTM store-level NOI, the asking price is covered by about one year of four-wall earnings, an unusually low entry point for a 12-unit retailer with ~63% gross margins and a ~38% NOI margin. Diligence should normalize corporate overhead and owner pay (not in store P&Ls), confirm the status of two locations with no reported sales in Aug-Sep 2026, and review lease terms and regulatory exposure. If confirmed, this offers turnkey, management-run cash flow with clear roll-up upside.
