Looking at this mat

[melissakna]

Hi everyone! I am new here. Just been lurking for a couple of weeks.Great source of info. Anywyas My family and I are thinking of buying this mat 25 minutes away from our area in southern california.
I was wondering what you think of this one

he is asking $395,000 2000 sq ft. ( i think the price is to high)

rent is $2,657
gas $1,500
sewer/water $1,095
electric $699.00
trash $105.00
property tax $125
insurance $150.00
cam $540.00
parts $700.00
janitor $1,200
lease of payphone $105
nik o lock $18.00
mis $100.00
alarm $35.00
total $9,029


monthly washer income $15,000
net income $5,961


yearly $180,000 net $71,532.00

1 pw 400 water heater 2005

30 speed queen top loaders 2003 $1.50
3 speed queen 25 # 2001 $3.00
1 speed queen 35 # 2002 $3.50
3 speen queen 35 # 1998 $3.50
6 speed queen 40 # 2003 $ 4.25
23 speed queen dryers older .25 per 10 minutes

soap machine isnt in use soda machine is his . no food machines


the dryers need to be replaced look old the floor neds to be replaced

attenedent operates the soda machine and gets to keep the income from that.. sounds strange ?


This owner is also a consultant has been in the business al long time.
this mat has alot of potentail mat this time there is no wash and fold.
unfortunately the only laundermat in the area that i live in isnt for sale and it is busy and dirty. i wanted to build here in my town and the rents are crazy $7,000 i think that would sink anyone.

Pleae any input will help..
Thank You.


melissakna in temecula california..

[SmartCard]

Did I miss it? no payroll #'s other than the janitor? Are you financing? How much do you plan to spend to update machines and store? How long a term is your lease?

[fishmanz]

That asking price seems quite high to me if you are not buying the real estate. California is expensive. You could buy a whole building and do your buildout too for that kind of money where I live.