ameel
08-05-2005, 11:54 PM
Hi all,
First I want to say that this site is a gold mine, and would like to thank all for the support.
I'm a newbie, and currently considering a Laundromat in a very busy low-income NYC area, but I'm not sure if it's making money. The broker says that the owner is retiring. There are 2 other Laundromats a block away, use older machines, both are smaller, one also runs 24 hrs, but they both charge less .25-.50. I also found out that the smaller of the two laundromats is also for sale. The workers say that most customers wash their own clothes (not a lot of drop offs). Is there a way to figure out how much a place is making based on the bills, and is this place worth that much. I really like the place, it's pretty clean with lots of room and folding tables, it looks like it has some potential, but I don't want to get burned :) I got some info from the broker, thank to all of you in advance, any help would be greatly appreciated:
Area 4000 sqft open 24 hrs, asking prince $500,000
washers: in good working condition (I'm not sure how old, any idea!):
25 Wascomat Junior w75 Double loader @ $1.25
19 Wascomat Senior w125 Triple loader @ $2.25
6 Wascomat Giant w185 @ $3.25
all slots are set-o-matic
Dryers: in good working condition (Not sure how old either):
56 double-stack Huebsch (with the LCD screen) I believe model number is 701115*** or something... that was the only number on it.
@ $0.25 for 10 min
vending machines (some are contracts)
1 soap dispenser.
10 candy slot machines
5 arcades
1 soda, 1 ice-cream
3 TV's
3 full time employees
Gross income based on broker is $400000 a year (Can't get income tax, but I have 2 1/2 years of gas/elec/water bills)
rent is $6000 per month with 8 year lease remaining
water&sewer avg $3300 per month or $4.144 per HCF (about 2500 HCF every quarter) (example of bill of last quarter is $3800 for water and $6100 for sewer)
elec avg $1900 per month
gas avg $4400 per month (I'm not sure why he has two companies delivering gas)
insurance $200 per month
maintenance $200 per month (He says that the owner does most of the maint, seems low!!)
Thanks again,
Ameel
First I want to say that this site is a gold mine, and would like to thank all for the support.
I'm a newbie, and currently considering a Laundromat in a very busy low-income NYC area, but I'm not sure if it's making money. The broker says that the owner is retiring. There are 2 other Laundromats a block away, use older machines, both are smaller, one also runs 24 hrs, but they both charge less .25-.50. I also found out that the smaller of the two laundromats is also for sale. The workers say that most customers wash their own clothes (not a lot of drop offs). Is there a way to figure out how much a place is making based on the bills, and is this place worth that much. I really like the place, it's pretty clean with lots of room and folding tables, it looks like it has some potential, but I don't want to get burned :) I got some info from the broker, thank to all of you in advance, any help would be greatly appreciated:
Area 4000 sqft open 24 hrs, asking prince $500,000
washers: in good working condition (I'm not sure how old, any idea!):
25 Wascomat Junior w75 Double loader @ $1.25
19 Wascomat Senior w125 Triple loader @ $2.25
6 Wascomat Giant w185 @ $3.25
all slots are set-o-matic
Dryers: in good working condition (Not sure how old either):
56 double-stack Huebsch (with the LCD screen) I believe model number is 701115*** or something... that was the only number on it.
@ $0.25 for 10 min
vending machines (some are contracts)
1 soap dispenser.
10 candy slot machines
5 arcades
1 soda, 1 ice-cream
3 TV's
3 full time employees
Gross income based on broker is $400000 a year (Can't get income tax, but I have 2 1/2 years of gas/elec/water bills)
rent is $6000 per month with 8 year lease remaining
water&sewer avg $3300 per month or $4.144 per HCF (about 2500 HCF every quarter) (example of bill of last quarter is $3800 for water and $6100 for sewer)
elec avg $1900 per month
gas avg $4400 per month (I'm not sure why he has two companies delivering gas)
insurance $200 per month
maintenance $200 per month (He says that the owner does most of the maint, seems low!!)
Thanks again,
Ameel