Absentee Owned Laundromat with Full Service Drop Off
Williston,, North Dakota
Asking Price: |
Gross: |
Cash Flow: |
$765,000 |
$519,267 |
$198,271 |
Furniture and Fixtures Value:
$474,148 (included in the asking price)
Inventory Value:
$0 ( not included in the asking price)
Real Estate:
$0 ( not included in the asking price)
Business Summary:
Strategically located in Williston, ND, which is a temporary home for over 100,000 laborers who migrate to the region for work in the agriculture, fields, and energy industries, and reside in temporary homes who need the access to do laundry. This 3,600 sq ft facility offers self-service laundry, shower facilities and drop-off services where employees will wash, dry and fold laundry for the customer. The owner lives out of state and only visits a few times a year. The business has 1 general manager along with 4-5 laundry techs. This spacious laundromat was established in 2012 and competition in the area is very low. The pay-per-load machines utilize a card service as opposed to cash and coin which is much more secure and safe, especially for the outof-state owner. Included is over $474,000 in hard assets, with the bank loan being $490,000 this is nearly 100% collateralized. An SBA lender has pre-approved this deal structure. North Dakota is ranked 2nd, after Texas, as the highest oil producing state. Due to this fact, many oil companies will send swathes of contractors to this area and this business is noted as a preferred laundromat for their employees. Priced at $765,000, a 15% down payment of $114,750 returns $93,940 in the first year after debt payments! Plus, the owner is offering a 10% promissory note and 6 months of training, as a sign of good faith. This activity has brought the business to a 38% profit margin. A new owner could boost revenue by offering starching and dry-cleaning services or by offering pick up services in the area and nearby towns.
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Year
Business was Established: 2012 |
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Number of Employees:
5 |
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Facilities / Terms of Lease:
3600 Sq. Foot Facility that is very clean and spacious. |
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Potential
Growth/Expansion:
Expand starching and dry-cleaning services. Offer pickup service. Set up business accounts for the massive amounts of employees these large corporations bring to ND. Add digital Slot Machines for play while customers wait for laundry |
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Owner
willing to finance:
15% Buyer Cash Down Payment $114,750 10% Seller Financing $76,500 75% Bank Loan $573,750 |
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Owner
willing to train:
6 months |
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Reason for selling:
Divestment |
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REQUEST MORE INFO |
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