Business Overview:
This 20 year plus old coin operated laundromat, located in Ocean View, on Hawaii’s Big Island, is being offered for sale due to the owner’s pending relocation back to the US mainland to be close to grand-kids.
They have 32 machines (20 washing machines and 12 dryers), 22 of which were recently purchased and are still under the manufacturer’s warranty, and all other needed assets to operate this very profitable business. They estimate that 90% of their customer are local residents and therefore their revenues are not directly affected by tourism.
Sales revenues are strong and growing, they were up 45% from 2018 to 2020 and even with the Covid-19 virus, 2020 sales were up 11% over 2019. They are an “essential” business and have not had to shut down due to the virus. 2020 generated over $109,000 of owner’s profit (“SDE”). All sales are in cash.
This is an easy business to operate in a beautiful part of Hawaii’s paradise. This area of Hawaii is one of the lower cost places to live in the state. This business is being offered on a fully turnkey basis and the owner will provide a 5 year non-compete agreement.
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Property Features and Assets:
Leased
Monthly Rent: $2,870.34, includes CAM and GET; $2.392 per square feet per month;($34,444 per year).
The seller believes that the landlord will offer a qualified buyer a long term lease.
Market Competition and Expansion:
Limited direct competition.
Reason for Selling:
Relocation
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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