COIN-OP FAQ'S

• Coin laundries are a very simple business. No special skills are required, and no special training is needed prior to buying a coin laundry.

• Coin laundries have a very predictable income stream with no large fluctuations from week to week.

• Since laundries are a necessity for many people each week, your revenues are not typically affected dramatically by outside factors such as falling stock markets or rising inflation. 

• Coin laundries lend themselves very easily to absentee ownership. You as the owner do not need to be at your laundry daily. This means you can continue your present employment and use the coin-op as an investment or supplemental income. Many owners have more than one coin laundry because of this.

• Coin laundries usually sell for approximately three-to-five times their annual net income. For example, a laundry with a $75,000 annual net profit will probably sell for $225,000 to $375,000, depending on the lease, location, equipment, length of time on the market and other factors. 

• This net-to-price denominator is higher for laundries with annual nets above $100,000 and "mega" stores which are larger laundries with more large washers and dryers. Stores like this are rarer on the market and command a higher sales price, typically four-to-six times their annual net income.  

• Almost all laundry purchases are all-cash purchases without any kind of financing meaning no bank/SBA or seller financing. 

  Coin laundries are a very location based business – the revenue the owner is making now, and what you can expect to make if you buy a laundry, is largely dependent on the location. 

Look for the following:

• ·A location on a very busy street is ideal, especially when combined with easy access for drivers – can customers access the laundry without tricky maneuvers or u-turns?

• ·A well-lighted plaza with either a national brand anchor (grocery store, dollar store, auto parts store, pharmacy, etc), or a convenience store anchor. 

• ·Natural gas is cheaper than liquid propane (LP) gas. 

• ·Look for a middle class or “blue collar” neighborhood with a mix of single family homes, duplexes, and apartments. 

• ·High-density areas with a high renter population are ideal for laundries that are “all coin” operations with no over the counter services.  

• ·Families with young children are often your best customer, and the more kids the better! Avoid locations where your base customers are older adults or empty nesters.  

• · Look for a safe location where women and families will feel comfortable doing their wash.

• Typically when you purchase a coin laundry all of the equipment is in good working order prior to the closing of the sale. 

• Most coin laundry owners use a repairman who is on call as needed and charges an hourly fee. Service contracts are rarely used. Many owners also do minor repairs themselves after watching and learning from their repairman.

• Laundries are our specialty, so we always have an inventory of profitable laundries for sale.

• We earn a commission only if the seller’s proof of sales and the lease are satisfactory to a prospective buyer. Therefore, you won’t find “problem” locations in our sales inventory. We strive to offer only the best laundries in Florida to our prospects.

• You will find us ready, willing and able to answer all of your coin laundry questions, and our expertise is free to you. Our commission is paid by the seller at the closing.

• For this important task, you want a professional and experienced agent guiding you through the entire process. Both our brokerage association and the state of Florida require professional standards plus extensive continuous education. You can rest assured that our Broker Rhonda McLane has the experience and know-how to help you every step of the way with your laundry purchase.