Need help on Laundramat's worth!

[kkschlott1]

Full service laundrmat was completely rebuilt including new washers and dryers in Dec 1999. 2000 Sq Ft.- Air conditioned.
Business is unattended. Doors lock and unlock themselves. Rent is $1783 per month includes cam charges.
15 Huebsch Top loaders-$1.25 Vend
8 Huebsch 25 Lb FRont loader-$2.50
4 Speed Queen @5 lb $2.50
@ Continental 40 lb $3.50
7 Huebsch 30-lb Stack Dryers (14 pockets)
5 Huebsch 35-lb Single Dryer
1 Rowe BC 1400 coin changer
1 Vend Rite 8 Column Soap Vender
6 Laundry carts 1 Ademco security system
1 688,000 Hot water heater
1 250 gallon Hot water Storage Tank
1 color tv

2001 2002 2003
Gross 104,301 100,539 104,030
Expenses
Rent 23,654 18,477 20,535
Utilities 29,297 25,959 24,752
Cleaning 8,319 7,855 7,060
supplies 3,047 3,182 3,278
phone 1,455 1,556 1,380
ins 1,483 1,325 1,682
repairs 3,276 4,422 2,187
There are a few more expenses I won't list them.

Profit $32,328 $34,519 $39,724

Price: $150,000

What do you think??? Any comments would be appreciated on the price.

[petefritz]

If it is unattended then why are thier phone charges?
There may be other things that are not quite right, however if the mat is close to your home and you are dedicated than it is not a bad deal. Seems steady for 3 years. I assume the cleaning could be part of the owners' return if you did that work yourself, like so many of us do.

[RWSmith]

kk, You didn't mention the most important factor in buying a laundry. How long is the lease and what are the terms?
Good-Luck