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Car wash built in 1991. This is the definition of absentee ownership car wash. There are 4 self-serve manual bays and 1 automatic wash. The building is 2,432 SF sitting on .777 Acres. There are 5 vac islands as well. The owner does not have time to manage the wash. He has a full time day job and now will have a conflict of interest in owning a wash, so needs to divest of the asset. The owner shuts the wash down when it gets too cold as he does not have the time to invest in the wash and lives 45 minutes away. There is a local guy who helps keep the wash clean, empties the trash, etc.
The asking price of $400,000 is below the asset value of the equipment ($170,000) and the Real Estate ($317,000) for a total value of $487,000. At a sale price of $400,000, with 25% down, or $100,000, the debt service on a loan is $30,000 annually. Current banking rates are 6.25% and a term of 16 years blended. The residual cash flow is $12,000. This can be enhanced by being open more hours and raising the rates in the self service bays.
Real Property Included
An opportunity to buy an established neighborhood car wash. There is room for improvement with an owner being there more often. Raising prices on the Self-Serve Bays. Being open more hours, plus adding some TLC.
Owner new job, must divest because of conflict of interests
Whatever is required
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