SERVICE For Sale in NJ
Financial & Assets Details
About the Business
Excellent business opportunity for this laundromat located in highly populated urban city of Essex County, New Jersey. The business previously had a yearly gross income of approximately $175,000 and a consistent net yearly income. The sale will offer a ten-year lease at a monthly rent of $1,500 plus additional future options. The laundromat is conveniently located on a commercial avenue with various other successful businesses. The laundromat also offers a wash & fold service which represents a consistent percentage of their gross income. The wash & fold laundry services offer comforters, tablecloths, linens, blankets, drapes, suede, leather, area rugs and most anything you can think of. This business has multiple part time employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll is $3,360. The previous yearly gross income represented by the owner was approximately $175,000, the business presently grosses approximately $130,000 yearly and the business expects a net yearly income of $50,000 based on an absentee owner operator and prior to debt service. The business current yearly expenses represented by the seller is approximately $85,000. The business has been valued at $149,000 based on the estimated asset value and the multiple of the projected net yearly income. Inventory will be the responsibility of the purchaser based on wholesale value. This is a dependable business opportunity. Please do not disturb business, this sale is absolutely confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this particular business opportunity.
Growth & Expansion
The business presently does not have a marketing or advertising system and if improved can further develop the business gross yearly income.
To the best of our knowledge, no other new competitors are expected near to this business and the owner has agreed to supply a long term non-compete agreement to the purchaser.
This retail facility consists of 1,140 square feet with an attractive professional appearance. The business is on an active commercial avenue located in Northern New Jersey, Essex County, in a highly populated city which consists tens of thousands of residents with continued demand for this particular service.
Support & Training
The present owner is the landlord and will supply appropriate post-closing training to the purchaser.
Reason for Selling:
The owner is involved in alternative business opportunity not in this industry.