Alton Laundromat - now for sale

[ghfromaltonbay]

The Alton laundromat is up for sale as a commercial property including the inventory for $449,900. I wonder if a buyer would be allowed to re-open the laundromat with the present septic system as it is surely needed. It's just a shame that people have to travel to Gilford or Pittsfield to find the nearest laundromat!

Since Mr. Bahre lobbied for and finally got a Hannaford's (including a pharmacy) in Alton, I wish he also saw the need for a laundromat. For those with their own washers and dryers the need for a laundry is not a priority. For all those of us who rent/lease it is a necessity. If the old laundry site has septic problems, perhaps a new site near the Hannafords and the future medical clinic would be possible. Alton has 3 hardware stores, beauty parlors, florists and banks, but no laundry. I keep hearing that no one has any money these days so why 3 banks? We all have dirty clothes. :laugh:

[Airwaves]

I'm not familiar with the location. Is the current laundromat close enough to Hannafords etc to be able to tie into their septic?

I would say that if the laundromat can not tie in and needs a new or newly redesigned septic then the asking price would be primarily for the real estate value and not the value of the business. As someone who once owned a laundromat I can tell you that building a new store is not inexpensive!

[BroadHopper]

Ever try to get a loan for a new or existing small business? It's a nightmare. Businesses are going belly up and there are no cash or loans for others to buy them.

[Bigstan]

A laudromat for 450k? To service only seasonal folks and those with no washer/dryer?

Please, how can that succeed when the same concept just failed in the same location? A 450k note at 3k a month is a tough nut to cover, especially during the up and coming down season (3k being my estimate of a 30yr mortgage on 450k forgetting about making any profit).

Time for a new concept..

[dva]

Opening a laundromat is very costly to set up even without the septic problem. Twenty washers and dryers can cost around 180k then add the electrical, water drains and construction cost. We found this out with the Patricks Place laundry. It gets pretty slow in the winter but we get a lot of traffic from the Mall.

[Argie's Wife]

I hope the buyers have a bottomless bank account. That place is assessed at $364,000. I don't want to think about the variances on that lot that are grandfathered into it because all that would come into play if they were to try to get a new septic design approved.

Never mind the fact that customers have to back onto Main Street - that parking area is a nightmare for both drivers on Main Street AND the people trying to get in/out of there. It was built in 1971 and I'm sure Alton was a sleepy little town then without the hustle-bustle here now. I'd imagine little thought was given to any town master plan back then.

Good luck with that one.

I always thought the old McGrath's lot would make a nice area for a laundromat/carwash area - sorta a 2-in-1 business. Easy access and close to other things - like a restaurant - that would make it more inviting for customers to visit.

[Airwaves]

So if the sale price for the laundromat (including real estate) is $449,900 and the assessed price is $364,000 (assuming that is a fair market value of the real estate) then the business itself is priced at about $86K.

In the case of a seasonal laundromat I don't know if they would use the industry standard of pricing the business at 3 to 5 times gross to set the value or not but even if you assume that all they did was double the gross to price it out then that would mean the laundromat brought in $43K gross. (less if they used the 3 to 5 times method)

I don't know the tax, water and sewer rates in Alton and I don't know if the laundromat was attended and I don't know if it uses natual gas, propane or electricity.

I would guess that given those numbers that the property will be sold for about the assessed value the equipment auctioned off and something else will eventually go in there!

[ghfromaltonbay]

The property for sale includes 2 living units besides the business itself and according to the ad 2.46 acres of property. We always thought that the location was dangerous for backing in and out onto Rte. 11 and like Argie's wife we thought a better spot for a new laundry would be near McGrath's Variety store or along 28N between Hannaford's and the American Legion. The laundromat did not fail due to lack of business, but after the original owners (the Whitneys) died, their son and daughter-in-law didn't seem to have the interest and the place went down hill. It was not lack of need, but rather disinterest that led to the closing. I'm sure if someone opened a new laundromat elsewhere in Alton they would have the customers.

[TomC]

Twenty washers and dryers can cost around 180k

do they really cost $9K a set?

[jmen24]

In a past life I was the head of maintenance for a property management company and we installed one coin-op front loading comercial washer per property (7). They were about the cheapest things you could by at the time (8 years ago) and they ran around $2500 each. I do not know what the better quality units go for but I would take a guess that the 9K per set sounds about right and I am sure you could go higher.

[Airwaves]

Originally posted by TomC
Quote:
Originally Posted by dvadrye
Twenty washers and rs can cost around 180k

do they really cost $9K a set?
Yes, coin laundry equipment is very expensive.

For example HERE (http://www.segotw.com/p5washers.html)is a link to a site that sells USED equipment! Check out the sale prices for package deals! That does not include installation!

So while the family that owned the Alton laundromat could probably make a go of it, a new buyer with the expense of a mortgage and I will assume some equipment replacement costs, along with what some of you are saying is a less than ideal location...well it will probably not be a laundromat again.

Oh yeah, then there is the little issue of the boiler, can't hook up a 30 gallon hot water heater!

[CrawfordCentury]

It's just a shame that people have to travel to Gilford or Pittsfield to find the nearest laundromat!


The one in downtown Farmington is surprisingly nice. Maybe 15 mins from the circle.

It's clean and the attendants are courteous. Plus, people watching in Farmington's a real hoot! (We're from there, so I'm not being a condescending snot - just a guy who can take a humorous slant at the roots of his raising :laugh: )