RetailFor Sale in NJ
Financial & Assets Details
About the Business
Modern laundromat business in a wonderful North Jersey community of Somerset county. The laundromat has thirty-four (34) newer washers and thirty-six (36) commercial dryers which are approximately seven years young. The equipment represents the highest quality brand washers and dryers with many years of continued use to the new owner. This laundromat business offers self-service, drop off, and pickup/delivery service to its many customers. The laundromat is a family owned and operated business that has been part of the community since 2000. They are not just your regular laundromat down the block but rather “The neighborhood” laundromat, where neighbors greet and socialize with each other while they do their laundry. They have been providing laundry services for years to the community and take pride in their work and are grateful for all their customers. As an absentee owner, this laundromat will require two full time employees at a monthly cost of $3,276. The employees are unaware of the pending sale. The payroll is routinely based on an hourly minimum wage and the staff is fully expected to remain post-closing. The transaction will include a new long-term lease with a monthly rent of $4,800, rent security will be required. The business has been valued based on the multiple of the net yearly income, equipment and various licenses $450,000. The real estate is also available through owner’s real estate company. Also, seller financing has been approved with a $200,000 down payment. This is a dependable safe business opportunity. Please do not disturb business, this sale is confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and the photo does Not represent this particular business opportunity.
Growth & Expansion
The business can be further expanded with a new operator, presently has a limited marketing plan, no local advertising, limited wash & fold, poor web site and if improved can further develop the business yearly gross sales.
Available with an appropriate down payment.
To the best of our knowledge, due to various circumstances, no other new competitors are expected near to this business. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.
This wonderful laundromat facility which consist of approximately 4,200, square feet, has a modern professional appearance. The business is on an active commercial avenue with various other successful businesses. This opportunity is in Northern New Jersey, Somerset County, and they service various highly populated communities and businesses with continued demand for this industry. The property was built in 1942, is zoned 4A commercial, 37 X 124 feet, 2017 assessed value is $548,400, property taxes $18,706.
Support & Training
With respect to training period the owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.
Reason for Selling:
The owner is retiring from the industry.