Need advice on purchasing first mat

[eesquil]

Hello all,
I am new to the laundromat business and am looking to purchase my first 1. I was wondering is someone can give me their input on the below:

Store Size: Approx 1000 sqft
Asking Price: 30k
Washers: 19 Laundercenter mostly 18-20lbs @ 1.25 per wash
Age of Washers: 10 years
Dryers: about 14 single load @ .25 10 minutes
Age of dryers: don't know but they are older than the washers
Gross Income: 6k - 6500 monthly (72k yearly)
Net Income: 2500 monthly
Monthly Overhead: 3k - 3500 (includes all utilities)
Lease: with new owner it will be 5 year lease with renewal option
Current rent: 1850 (this number is included within above monthly overhead)

The current owner has been there for about 10 years and is looking to retire. When she purchased the business, she installed 19 laundercenter washers. Now I hope to have a copy of the bills this weekend, but in the meantime could someone please give me their opinion. Is this a good purchase based on the information I've provided so far?

Thanks in advance,

[Kitty]

1850 bucks for 1000 sqft? Too expensive!!!

[MSKLAUNDRY.]

Who is running the store day by day?
Who will run it when and if you take over?

Rent 1850.
Gas/elec must be at least $1000 and water is perhaps $750/ month. Then add insurance / payroll / NYC Consumer affairs license/ garbage other incidentals such as equipment repair. I seriously doubt that they are making enough to pay the bills. It would need at least 10k gross to be even worth a look at.
$1.25 for a wash and you made no reference to competition.
Then you compound the issue with the fact the the equipment is old and that is Laundercenter washers and i would run fast.
They are junk.

[MSKLAUNDRY.]

The equipment has no value and I seriously doubt the expenses although the gross income could be correct. If the expenses are => the income then you should get the owner to pay you to take over. LOL

[eesquil]

Thanks for the replies.

[pete f]

it is small mat, but does it have a real market? If there is little compitition near, and hard for them to move in, then maybe the mat would do well after a make over, updating to new equipmet, costing another 50-80k or so. Location is key in this business. It may be a good location, just needs new stuff. It may be a poor location or have heavy competeive factors, all this influence prices

[Jim]

Another mat that seems strange....alot of them are popping up..hmmm

I agree with Kitty...it looks like the rent is too high for 1000sq. ft.

I agree with MSK...Laundercenter washers are junk.

(I'm in a agreeable mood today).

Does she have employees? if yes then, me thinks the income is padded abit....if not then the income level seems reasonable to me..