How many square feet? How many machines?
Is the owner/operator also the landlord?
I am by no means an expert but like you I am studying the industry so being that your in a position of looking at a laundromat maybe we can answer some questions together.
-If half of the machines are in fact not working a retool may be in order. You will be going into debt when you retool. To me the 59K doesn’t mean anything if the machines arent running.
-are there competing laundromats around? Are they comparable size and condition? Go there on a Sunday and see if its busy.
-Is there a wash and fold? Is it big enough to add a wash and fold?
-The lease is going to be one of the biggest keys to your success. The long runway on the lease is favorable. It means the landlord has decided to keep the laundromat. Im going to base the lease term off of Danny’s numbers where if it’s more than 1$ per square foot it’s pushing on the profit margin.
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