Coin Laundry (Hawthorne)
1. PLEASE COPY AND PASTE BELOW LINK AND SUBMIT NDA. YOU WILL GET THE PROPERTY ADDRESS INSTANTLY. https://www.kibomrealtor.com/coin-laundry-hawthorne.html 2. PLEASE VISIT THE LOCATION FIRST. 3. ASK QUESTIONS BY EMAIL ONLY Do not talk to the owner and employees. No Co-op brokering. The photo may not be an actual photo of the business. Profit & Loss Statement 2019 yr to Nov 30, 2019 Income$114,620.00 Sales$8,800.00Vending Soda, Snack, Deterg Services$8,000.00Commercial Laundry Service Other Income Total Income$131,420.00 Expenses Accounting$300.00 New Dryer finance$13,512.00 Advertising Assets - Small Bank Charges Depreciation Electricity$8,250.00 Gas$5,500.00 Insurance$1,868.00 Water$8,800.00 Motor Vehicle$2,712.00 Office Supplies$557.00 Postage & Printing Rent$35,222.00 Repairs & Maintenance$1,100.00 Stationery$330.00 Subscriptions$0.00 Telephone$550.00 Training / Seminars$0.00 Wages & Oncosts$0.00 Total Expenses$78,701.00 Profit / (Loss)$52,719.00 ?1200 sqft Over the past 70 years, the coin-op laundry industry has developed into one of the most reliable end efficient sources of revenue for many investors and entrepreneurs. The coin laundry business generates over five billion dollars in revenue annually, each laundry capable of generating over $300,000 per year. In addition to the financial benefits of coin-op laundries, there is also the social benefit of providing clean clothes, a basic health service, to millions of people. This laundromat is high volume and attracts a good amount of foot traffic. It is situated in a large strip center, has good parking, and strong visibility from the street, and it is also in a dense apartment community. Owner has spent over 75k in past year in new machines. Machine Info 9 x 13 lbs Washing Machines 5 x 18 lbs Washing Machines 5 x 20 lbs Washing Machines 5 x 35 lbs Washing Machines 5 x 40 lbs Washing Machines 1 x 60lbs Washing Machine- new 2019 2 x 45 lbs washing Machine- new 2019 9 x 2 30lbs Dryers- new 2018 How many years has the business been under ownership with the current owner? Current ownership since Aug 2018 How many years has the location been a Laundromat? The business has been at the current location for 18 yrs. Current lease on the location is until 2022. How machines are owned vs leased. All machines are owned. Three machines 2@40 & 1 @60 lbs, 9@30 lbs dryers 2 per stack are owned with a loan balance. The loan balance is 64k ? Is the seller willing to carry a note? Yes, only to machine If so, please provide the terms. I noticed motor vehicles as a expense , will a vehicle be apart of the sale or is this a vehicle owned by the owner? Vehicle is not part of sale, totaled in an accident. Are there any extensions available for the current lease? I believe the lease is extendable in 2025 need to verify with the owner. What are the terms for financing? How much would be required to put down? Any terms you are approved for, there is no loan on the business the owner outright owns it. Is the loan balance for the dryers included in the asking price? Or does the new owner have to assume the loan? Yes, inclusive new dryers and washers Are the vending machines owned? Outright owned How many employees do they have? 0 What are their wages? I have the cook next door at the restaurant closing 5 days a week from 6-11pm for $20 a night REASON FOR SELLING:Moving Out Of State ? ?Do not talk to the owner and employees. ?No Co-op brokering.