SOLD – Over 50-Yr Established Coin Laundry

Business Description

This business was established in the 1960’s and has been operating consistently to date. The current owner acquired the business in 2010 and is looking to sell to a credible buyer. This business is located in a 2,400 SF space in a retail strip center. Customer base is consisted of a myriad of immigrant ethnicities from surrounding neighborhoods. The services of said business are not limited to any specific group of people, thus the business carries potential to reach untapped markets in different local ethnic communities. This coin operated laundry has a prime location rooted in a lower-middle class, blue collar community, which makes it perfect fit for the needs of the immediate community. Competition is also near negligible due to the distance between other similar services, thus making this business more attractive to locals. The facility and equipment have also been fairly maintained, creating an edge for this business over similar nearby coin laundry services. Equipment is also newer than nearby competitors. Gross monthly revenue of 2020 averaged around $24,000 and $27,000 and has grown steadily in 2021 even amidst the pandemic. With semi-autonomous businesses such as this one, there are many ways to improve productivity and optimize operational costs. Without a need of much on site staff, more owner involvement can serve as a benefit to the business. There are many ways to proactively market this business such as direct mailing, bundle services, tall signage, and additional retail items. This business has everything in place for a potential buyer to proactively market this business while being fully involved in the day-to-day business operation.