Business For Sale

Successful Apartment Renewal Business

Not Disclosed, MI
Kent County

West Michigan

Asking Price: Annual Revenue:
$689,000 $1,500,000

Services: Non-classifiable

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RE: Successful Apartment Renewal Business Broker: Mike Greengard

Quick Facts

Asking Price: $689,000
Annual Revenue: $1,500,000
Net Profit: Not Disclosed
Cash Flow: $250,000
Total Debt: Not Disclosed
FF&E: Not Disclosed
Real Estate: Not Disclosed
Year Established: 2003
Employees: 17
BBN Listing #: 103731216
Broker Reference #: MG1030419

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Business Overview:

We are pleased to offer a jewel of a business with both a great market niche and a desirable location. This 15 year old business has contracts with property management companies, colleges, universities, apartment complexes and the like to quickly renew rental units using its 17 full-time, non-union employees and dozens of part-time and seasonal workers. This is a full service apartment turning business offering customers choices of services including cleaning, painting, carpet cleaning, and/or light maintenance. The company turns literally thousands of apartments annually.

The business resides in an attractive, leased headquarters (which includes both offices and warehouse) in a desirable community in West Michigan. The rent is very favorable at less than 2.0% of revenues, and the location is such that the booming surrounding area has developers and institutions alike building apartments and dormitories at an astounding rate which of course bodes well for future business activity of this already successful business.

The company has a customer base that reads like a “Who’s Who” in West Michigan., and there is no customer concentration - the largest customer accounts for less than 10% of revenues. The business averages $1.5 million in annual revenues and impressively averages an annual normalized EBITDA of $250,000 for the absentee owner who is employed full-time elsewhere in an unrelated, non-competitive corporate management position. The business has an excellent team in place which enables the business to succeed in the owner’s absence.

The business is being offered for $689,000 which is a very attractive 2.75x EBITDA, and only 46% of average annual revenues. Plenty of well-maintained equipment is included in the price, and a low six figure seller note could be available for a qualified buyer. The seller envisions an asset sale in which he retains cash and A/R while retiring all liabilities.

This business has it all: well niched market position; huge barriers to entry; great customer base; wonderful new business opportunities; and an impressive and consistent cash flow. To learn more about this excellent and highly bankable business opportunity, please contact Mike Greengard.

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Property Features and Assets:

Attractive, leased headquarters in a desirable community in West Michigan. Rent is very favorable at less than 2.0% of revenues.

Additional Details:

  • The property is leased.
  • The owner is willing to train/assist the new owner.
  • This is not a homebased business opportunity.
  • This is not a franchise resale opportunity.

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