Laundromat Resource › Forums › Laundromats › Valuation for buying an unprofitable laundromat › Reply To: Valuation for buying an unprofitable laundromat
Ok so to answer a few of your questions:
Yes, the owner is planning to just sell the machines and close it when his lease is up.
But, I don’t think he’s trying to scam me. He’s been very honest and up front about what mistakes he has made and how those mistakes have caused the laundromat to be where it is today in terms of lack of profits. And I reached out to him in the first place. Not the other way around.
The demographics are so-so. In 2018, there were 18,000 people living within 1 mile. But the percentage of renters is lower: 35% if I recall correctly.
But, competition is also low. There are no other laundromats within at least one mile, might be more like 2. They are much nicer, but they are also on the other side of two freeways. This one is smack in the middle of a blank zone in terms of competition in a sort of central part of the city. The rest of the laundromats in town are clustered around freeways.
I think I’m going to have a distributor take a look at the store and let me know if they think it can be made profitable. That is, if either one of the two I reached out to will get back to me!
