LISTING ID: 36098
Urgent Asset Sale: Mega Laundromat in Distress. Due to health and partnership issues, we are urgently selling a sizable carded (non-coin) laundromat spanning 5,000 square feet. The facility features 56 Speed Queen washers and 60 dryers, including two 80-washers, six 60-washers, twelve 40-washers, sixteen 30-washers, and twelve 20-pound washers. This laundromat boasts a fantastic main-road location. It includes amenities such as five vending machines (including an ATM), three gaming machines generating $300–400 monthly, as well as one snack and one beverage machine. With seven years remaining on the lease, the landlord is willing to extend for an additional eight years, providing a total of 15 years. The monthly rent stands at $16,000, with free parking available both in front and at the rear of the premises. Before facing partnership and health challenges, the laundromat enjoyed numerous large commercial accounts, resulting in significantly higher gross sales. A new buyer could easily expand services to include drop-off dry cleaning and pick-up/delivery. The current owner is undergoing rehabilitation, and their family is seeking an expedited "as is" asset sale from an experienced laundry buyer. The laundromat was purchased for $2 million seven years ago, and it now requires new management under a dedicated full-time owner-operator to restore sales to over $1 million annually. The distressed sale price is set at $750,000. Gas expenses average $2,500–$3,000 per month; electricity costs range from $2,200 to $2,600 monthly; and water expenses amount to $10,000 per quarter. Tax returns reflect gross sales of $435,000. This sale is necessitated by the seller's incapacity. Prospective buyers must demonstrate proof of funds totaling at least $750,000 and possess a background in the laundry industry for a meeting. Expect limited due diligence and a swift closing for this heavily discounted laundromat. For further information, please contact the broker.
