Broker Name:Kevin Chung
Broker Email:info02@v-aidgroup.com
Broker Phone:1-866-519-2421
Broker Address:2727 LBJ Freeway #775 Farmers Branch, TX 75234
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15 Year Established Free Standing Coin Laundry With Bundle Service
(Cleaning/Laundry Related)
Dallas, Texas
Listed Price: $ 249,000
Listing ID: 001016

Listing DetailsDown Payment: $ 125,000
Gross Revenue: $ 178,049
Cash Flow: $ 49,288
FFE: $ 100,000 (Included in Price)
Inventory: $ 200 (Included in Price)
Reason for Sale:

Retirement


Training & Support:

The owner will provide sufficient training for an agreed-upon period to make the transition into the business as seamless as possible.


Listing SummaryBusiness Description:

15-year established coin laundry placed in a prime location of East Dallas is available for acquisition. The business was established in 2006 by the previous owner and was later acquired by the current owner in 2018. This laundromat is occupied in a 3,000 SF free-standing building with ample parking space just off the major highway in the city and is surrounded by densely populated residential areas and small businesses. Various services are provided at this coin laundry such as wash & dry, bundle service, game machines, and massage chairs. The majority of the customers are lower-income individuals and families from nearby densely populated residential neighborhoods and this area. Many low-income families are living in this area and this coin laundry is perfectly suited to the demographics and ethnicity of this area. Few competitors are within the immediate market area, but this business provides better customer service from bilingual attendants and a cleaner environment than the competitors. The current owner updated and renovated the business since the acquisition and installed a credit card reader on several machines for customer's convenience. Also, recently, two 80-pound large-capacity washers have been installed, which makes this business even better than the competitors. The business offers a bundle service, reward/loyalty program, and drawing for prizes on a weekly basis. The average sales of this coin laundry for washer and dryer are approximately $12,000 to $13,000 per month that has been consistent over the last several years and other income from games, vending machines, and retail are approximately $2,000 per month. Currently, minimal marketing is in place other than word of mouth and return customers who enjoy loyalty/reward programs and weekly prize drawings, but more pro-active online and social media marketing, direct mailing, flyers, offering pick-up and drop-off service, and acquiring commercial accounts from schools, restaurants, and churches need be utilized to achieve maximum income capacity as well as growing the customer base beyond the immediate market area. There are several ways to immediately increase overall revenue and income. Currently, the vendor is putting in drinks and soda into the vending machines and the revenue is split 50/50 between the vendor and the owner. The future owner can do this him/herself and take 100% of profits since the owner owns the machines. The future owner can remove the two non-working washers and put additional new games, such as coin pusher for extra income. Also, a full-time owner-operator instead of hiring additional attendants will allow the business to cut down on payroll expenses and increase the profitability of the business as well as increasing the quality of service. This well-established coin laundry is ready for a potential buyer to actively involve themselves in the business operation while marketing to grow the business to maximum income capacity.


Competition:

Few competitors are within the immediate market area, but this business provides better customer service from bilingual attendants and a cleaner environment than the competitors. Full-time attendants are present at all times to assist customers and for bundle service while other competitors don't.


Potential Growth:

There are many ways to proactively market this business, such as direct mailing, door hangers, flyers, and more online and social media outlet presence. Marketing efforts on acquiring commercial accounts to schools, hotels, restaurants, etc. can also significantly improve sales.


Financing/Terms:

100% down at the time of closing or 50% Cash Down with SBA Financing for Qualified Buyers with Industry Experience.


LocationSquare Footage: 3000
Facilities:

This business is located in a 3,000 SF space of a freestanding building that is placed next to one of the busiest highways in a city and surrounded by densely populated residential areas.


OperationYear Established: 2006
Employees: 3PT
Absentee Owner: Yes