Long Established Coin Laundry with Consistent Sales 001223
Two-decade established coin laundry with consistent and steadily growing sales is available for acquisition. The business was established in 2000 and was later acquired by the current owner in 2020. This laundromat is occupied in a 6,241 SF retail strip center with ample parking space just off the major highway in the city. A densely populated residential area surrounds it. The majority of the customers are Hispanic individuals and families from nearby densely populated residential neighborhoods and this area. Annual sales volume is around $310,000/year which is consistent on a year-by-year basis without any involvement in the operation. The owner's involvement is direly in need for this operation to thrive in the marketplace. Various services are provided at this coin laundry, such as wash & dry, bundle service, game machines, check cashing, etc. Many low-income families live in this area, and this coin laundry perfectly suits the demographics and ethnicity of this area. There are competitors in the area, but this business provides better customer service from bilingual attendants and a cleaner environment than the competitors. Currently, minimal marketing is in place other than word of mouth and return customers who enjoy. Still, more pro-active online and social media marketing, direct mailing, flyers, pick-up and drop-off services, and acquiring commercial accounts from schools, restaurants, and churches need to be utilized to achieve maximum income capacity and grow the customer base beyond the immediate market area. There are several ways to increase overall revenue and income immediately. Also, a full-time owner-operator, instead of hiring additional attendants, will allow the business to cut down on payroll expenses, increase business profitability, and improve the quality of service. This well-established coin laundry is ready for potential buyers to actively involve themselves in the business operation while marketing to grow the business to maximum income capacity.
Owner will provide ample training for a smooth transition into operation
This business is located in a 6,214 SF space of a retail strip center that is placed next to one of the busiest highways in a city and surrounded by densely populated residential areas.
There are competitors in the area but this laundromat has been established for over 20 years with established customers that provide consistent revenue and are located next to a busy freeway.
There is huge growth potential for this business as it is located by a busy freeway. Current prices for wash and dry are outdated and below market price. Rasing prices throughout the machines, as well as bundle service, can increase revenue and profitability significantly.
100% down at the time of closing or 50% Cash Down with SBA Financing for Qualified Buyers with Industry Experience.