One Mega Laundromat In Queens For Sale

Business description

INCOME & SALES ARE PROJECTED: This is a NEW beautiful STATE OF THE ART & FULLY AUTOMATED (CARD SYSTEM) Mega Laundromat with GREAT GROWTH POTENTIAL! Owner currently does NO promotions or advertising. Great opportunity for an owner operator New warranty on all machines in place - 70 dryers, 59 washers Speed Queen 27 20lbs, 16 30lbs., 12 60lbs., 4 80lbs. Store has 2 street entrances from 2 separate avenues - both with parking store well maintained and on a continued growth path to surpass 2 year projections. W/F, Dry cleaning, & detergent already changed to projected figure. Large Laundromats have from their inception generally a minimum growth period of 3 years the aforementioned figures are based on a two year projection. Third year of operation sales top 15 to 20% increase from preceding year. 9 month figures gross volume increasing every week at present weekly gross $8,500 present net cash flow is $1,375 weekly. Compared to first week when opened. Over night customer count at start was 3 1st week now average 15 every night. Daytime traffic increasing weekly, at high rate. During two year growth period only major increase is in utilities up 50% from $145,860 to $218,790. Projections to gross income 9 months $447,000 to two year is a under estimated figure of $676,000 – 50% increase all of other major expense figures should remain constant. Present lease is for 18 years 2% increase per year – Landlord would give new buyer options for extensions on lease. Note of $600,000 is transferable to qualified buyer at 7 ½%. Owner has invested over $1,100,000 of his owner money in build out. Absentee owned and operated. For further information please contact Vito Mastromonaco by clicking on the contact seller button below.

Property information

Premises details:

4,000 sq. ft., great lease 18 years, 20 car parking. Options available new machines warranted four more years – all fixtures with in store 9 months. TVs chairs, tables, machines all in top shape

Size in square feet:

4,000 sq. ft.

Other information

Expansion potential:

As time goes on the neighborhood competing smaller Laundromats will be closing down and this much larger and newer Laundromat with parking will pick up their demise

Competition / Market:

Within this area, there are a great many OLD Laundromats with bad equipment these are now being affected with all their gross revenues and patrons figures going down

Support & training:

Two weeks

Reasons for selling:

Owner is downsizing. Owns a great many Super Laundromats

Trading hours:

24 hours/7 days a week

Owner financing:

Owner financing is available. Please contact the seller for more information.

Financing available:

$600,000 present note is assignable

Furniture / Fixtures value:

$1,000,000 (included in the asking price)