Buying a laundromat

[Charles]

Hi all, I’ve seen some posts here about buying Laundromats and read them but didn’t really get the answers I am looking for. There’s a local laundromat that is for sale, 15 washers, 16 dryers. Completely remodeled all brand new machines in the past year. They are gross $7,500/month and net $5k/month currently and asking $250k for the business. Lease has 5 years left with a 5 year option. How would you value this business? It seems to me that $250k is a bit high but with all new machines how would that factor in? Does this seem like a reasonable factor based on the current net? – by hq overview blackc2004 – –