Home Forums Laundromats Priced to High?

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    Hello All,
    I would love everyone’s thoughts. There is a listing for a mat that is selling for $236,000 so I went by there last week to check it out.  It was in a good location, parking is bad, the demographics are very good but there are also 5 mats within 2 miles.  It has an attendant but when you walk in you can immediately see the whole store needs an upgrade, equipment needs to be replaced ( 4 machines out of service), vending machines look like they are from 1970, and the walls could use some new paint.  The good news is the traffic seemed very steady.

    The issue, in my opinion, is they are asking for a selling price that is at 5x revenue. This seems very high for a location that needs a full facelift in my opinion. I would love everyone’s thoughts.

    Thank you
    Mark

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