Price:$750,000
Cashflow$422,400
Ebitda$186,900
If you are in the market for absentee or semi-absentee business, this may be a great opportunity for you! If you rather be a full-time owner-operator, this will work as well! Up for sale is a laundromat that has been established for over 20 years. The current owner bought two laundromats in 2021 as a package deal and has decided to sell one of his locations. The seller plans to sell this laundromat to focus on other opportunities.
This location is about 3, 500 square feet and is fully equipped with 50 washers and 56 dryers including many large machines. The laundromat is in a high traffic location between Hobby airport and Pearland and many of the customers are highly paid construction and industrial workers. The current lease is $6,000/month which includes NNN as well. The current owner has spent a good amount of time and significant money re-investing back into this location including the installation of many new washers and dryers, plumbing and electrical upgrades, a new high BTU 100-gallon commercial water heater, four new AC units, and cosmetic finishes such as ceiling tiles and lighting. All the washers and dryers are in great working condition as the current owner has taken great care of the equipment.
The business is currently operating 7 days a week and is run by 3 employees. The owner comes by the store to collect coins and cash and to make sure everything is running smoothly, and no equipment is down. The owner has done a great job continuing to build this business month over month. Utilizing financial performance in the recent months of 2022-2023, annualized EBITDA is approximately $160,000-$185,000 annually. For a full time, owner operator, annualized seller’s discretionary earnings are approximately $185,000-$210,000 annually.
Self-service coin collections for washer and dryers are around $24,000 to $25,000 a month while wash and fold is around $7,000 to $9,000 a month. Solid numbers for a laundromat. There are soap sales of approximately $2,500 per month, and coin amusement machines generate approximately $2,000 per month. The owner has a vending company providing sodas and snacks, which could be an additional profit center which is not included in the above EBITDA and discretionary earnings numbers.
There is a tremendous opportunity to grow this business and make it even more profitable! Wash and fold are doing very well and there’s on-going opportunities to increase prices, start pick-up and delivery services, and establish customer contracts. I.E Air BNB’s etc.
With a 30% to 50% down payment, we may be able to refer you to banks willing to finance this deal. For this deal, we are looking for buyers with at least $350,000 cash available for a down payment and good credit. If you are employed or self-employed with 2-3+ years of income, this would be greatly beneficial for the loan approval.