Laundromat Listing...Advice Welcomed

6 Replies

Today an opportunity came up that was very unexpected. I went to my realtor’s office to talk about a couple multi-family properties, and while going over them he shows me a listing for 3 laundromats. I know this is a great opportunity for me, and want to do everything in my power to make this deal work for me. So BP community, I come to you looking for guidance on my journey. Here it is, for $279,000 there are 3 laundromats, 2 of the properties are in the deal and the third has a lease for the next 5 years at $350 a MONTH!!! This business has averaged about $105,000 in income and out of that the owner has $40,000 income and a manager/maintenance man making about $30,000 a year. As of right now I’m mainly looking for ways I should go about financing this deal and presenting it to the bank in a way that will help make this all happen.
@Adam Harlan associations and forums. Laundries are a very niche business and require a lot of due diligence because they are all very different. Some owners work off the books because it’s all coins. Just buyer beware especially if it looks like an unusually good deal.

Interested in this as well. We own one commercial property, lease another for an existing business (which the first building operates out of as well). Looking to get into coin laundry as well and would love run a couple things past you @Ken Barrett