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Hawaii Coin-Operated Laundromat – Cash Driven - 96 units

EXECUTIVE SUMMARY

 

This full-service coin operated laundromat is largest on the island and has been in the same location for so long it has become a fixture in the community; they are the preferred supplier in this large market.  They are conveniently located on a busy street, close to many customers and have plenty of free customer parking, a big plus in Hawaii.  They have 96 units.  They are fully air conditioned, provide a comfortable, clean and safe environment for their customers, have a friendly, helpful staff and offer wireless connections including Netflix, video games and sell many food and drink items, as well as, a line of retail laundry products.  They have 4 years left on their current lease and have an excellent relationship with their landlord.

 

Most of their revenues are in cash.

 

In addition to the coin-operated laundromat, they also offer

  • a wide range of commercial laundry services for hotels, apartments, resorts and dorms which include delivery service;

  • they provide a professional laundry management service, using laundry equipment the Business owns, for customers, like hotels, public service housing and retirement homes, etc. where the Business runs and maintains their customer’s guest laundry facilities to the highest standards, reduces the customer’s operating costs and provides a good source of additional revenue for their customers;

  • a drop off / wash & fold laundry service; and,

  • dry cleaning services, which is subcontracted.

 

In their 2,400 square feet retail space they have made a massive investment in washing and drying laundry machines, as well as, a full array of other tangible assets. 

 

  • 5-year lease, expires in 4 years; No percentage rent; Good relationship with landlord

  • Utilities in 2018

    • Electric: $1,981/month

    • Water & Sewer: $4,128/month

    • LP Gas: $3,813/month

They see good growth and profit opportunities in the coin laundry, increased retail sales, commercial laundry services and the laundry management services markets.  Closest competitor closed in early 2019 and they project 2019 sales of $450,000 and SDE of $78,000.

 

COMPANY

Listing ID:  HI – Laundromat - T

Location: Hawaii (Island Confidential)

Year Established: 1990

 

FINANCIAL SUMMARY

   2019 Projection

Revenue: $450,000

SDE $78,000

 

OFFERING SUMMARY

Asking Price:  $299,000

Seller’s Note: $29,000, 12months, 6%, $2,495.93/m

Included Inventory:  $3,875

Tangible Assets:  $300,000

Non-Compete:  5 years

Training:  2 weeks

Sale Reason:  Raise capital for new investments

 

LOCATION

Busy traffic location, free parking and close to lots of customers

 

REAL ESTATE/LEASE DETAILS

Status: Lease

Monthly Rent: (March 2019 example)

Rent: $6,056.40/month

CAM: $1,478.00/month

GE Tax $355.02

Total $7,889.42 ($3.29/sq. ft.)

$94,673.04 per year

Landlord also sells them water and sewer

No Percentage Rent

Sq. Ft.: 2,400

Other: Current lease expires in 2/2023

 

GROWTH

Lots of opportunity to expand the route business.

 

The current owners have owned the business for 16 years.  This business is for sale on a total turnkey basis including all tangible and intangible assets.

 

This is a great opportunity to live and work in Hawaii.