Potential Laundromat Opportunity – First Time Buyer

[adame2016]

I have been wanting to start a portfolio of businesses and a laundromat has been top of that list. There is one that is up for sale about an hour away from me, and seller financing is offered which I’m somewhat familiar with, and the total asking price is $600k. FF&E is included in the asking price, lease is up in 2041.

Gross Revenue is $210k/year; when I asked what the NOI was, I was told I would need to show proof of the $150k downpayment funds and sign an NDA before any financials would be available. How can I evaluate if this is a good deal without knowing the NOI?

There are 4 employees, and I do have all the equipment information, but my concern is how can I evaluate the asking price and has anyone on here secured funding as a first time business owner/buyer?

I appreciate any guidance provided.

[Author]

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