Absentee Owned Laundromat w/ Drop-Off Services

Watford City, ND
McKenzie County


Asking Price: Annual Revenue:
$735,000 $751,194

Services: Dry Cleaning & Laundry


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RE: Absentee Owned Laundromat w/ Drop-Off Services Broker: Seller of Business
Owner Financing is Available!
Purchase Price: $735,000 10% Buyer Down Payment $73,500 20% Seller Financing or Equity $147,000 70% Bank Loan $514,500 A 10% down payment of $73,500 returns $215,536 in the first year after debt payments!

Quick Facts

Asking Price: $735,000
Annual Revenue: $751,194
Net Profit: Not Disclosed
Cash Flow: $409,079
Total Debt: Not Disclosed
FF&E: $459,702
Real Estate: Not Disclosed
Year Established: 2012
Employees: 6
BBN Listing #: 21934398
Broker Reference #: B2C005

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Business Overview:

Priced at $735,000, a 10% down payment of $73,500 returns $215,536 in the first year after debt payments – a 293% return on investment! The owner of this business is absentee; with a full-time manager and five laundry techs, it’s selling at only a 2.35 multiple. This quaint laundromat established in 2012 is located in a small town of about 5,000 residents, but in any given time of year there are 30,000 to 40,000 contract employees in town who need laundry services. Incoming companies can contract with this laundromat for all their laundry needs. On top of your typical, pay-per-load service, this 3,600 square foot facility also offers a drop-off service where employees will wash and dry the laundry per the customers’ requests. This activity has brought the business to a 52% profit margin. With $475k in assets, the bank loan is nearly 65% collateralized.

The pay-per-load machines utilize a card service as opposed to cash and coin. This allows two advantages; they can adjust the price of their loads down to the half-penny if wanted, and they don’t have to do in increments of quarters. They can also create custom load prices creating self-service upcharges. A load costs more for hot water over tap temperature. A dryer run on hot air costs more than a dryer run on room temperature air. If a customer doesn’t have a credit or debit card, they can use cash to purchase a laundry card that works with the machines.

With the cost of water, it would be hard for a new laundry business to come in as approval would be unlikely. Competition in the area is very low. As an additional service and point of revenue, this laundromat also has shower facilities for customers while they wait for their laundry to finish. A new owner could boost revenue by offering starching and/or dry-cleaning services and by expanding the service area into nearby towns.

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Property Features and Assets:

3600 Sq. Foot Facility

Market Competition and Expansion:

Growth Opportunities: Expand Starching/Dry Cleaning Services

Reason for Selling:

Exit Strategy

Additional Details:

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

Documents:

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