LISTING DETAILS
Listing Status: New
Asking Price: $890,000
Total Sales: $959,386
Cash Flow: $390,449
Real Estate Asking Price: N/A
FFE: $73,000
Inventory: $5,000
FFE Included in Sale: Yes
Description
Business Summary:
Excellent opportunity to own two dry cleaning businesses located in the Bowie area of Prince George’s County, Maryland. One location serves as “the plant” where all of the dry cleaning operations along with tailoring and alteration services are performed. The second location serves as a “drop store” where additional customers can drop off their clothes. The businesses are situated roughly 4-5 miles apart allowing for good overall coverage of the immediate area.
The locations are well-established in the area with the plant location being purchased by the current owners in 2011. The pickup location was started in 2015 to allow the business to have a broader reach in the community and expand the customer base. The business has been featured in Washington Consumers’ Checkbook for providing unparalleled services in the community as a leading dry cleaner in the Washington D.C. area over many decades. In addition, the business is registered as one of the preferred vendors for the Board of Education in Prince George’s County where they exclusively handle their cleaning needs.
Both locations are in high-traffic areas with good visibility. Both areas are currently being developed for additional housing such as single family homes and townhomes for above average income per household. The commitment to courteous service with high quality garment care has enabled the businesses to grow and expand their businesses over the years. While many competitors serve as “drop stores” and outsource the cleaning portion of the business, these businesses have both elements under one ownership. This integration allows them to offer pricing and services with better margins while not being wholly reliant on a vendor to perform work. The business has a fantastic reputation with a team of employees in place making this a true turnkey opportunity that’s ready for a new owner. Please contact us today to learn more!
Description of Facilities: Both locations are situated in shopping centers with well-known anchor businesses and many other complementary stores. There is also a significant residential presence in the immediate vicinity.
Location #1 - The Plant
Rate: $6,402/month
Including Triple Net (Yes/No):Yes
Remaining Term: 1 year 7 months
Available Options: Buyer can negotiate new long term leases at market rates/terms.
Location #2 - Drop Store
Rate: $5,220/month
Including Triple Net (Yes/No):Yes
Remaining Term: 6 months
Available Options: Buyer can negotiate new long term leases at market rates/terms.
Competition: There is standard competition for the industry and market, but both businesses have proven to excel amongst their competitors in highly sought after areas.
Growth & Expansion: There is room for growth and expansion. Pick-up and delivery service can be a high profit margin opportunity, which neither of the businesses is currently pursuing. A new owner may want to consider implementing a new marketing and advertising campaign to create awareness of the business and their services.
Seller Financing Available: No
Reason for sale: Owner is retiring.
Training & Support: Seller will provide necessary training and support.
For more information on this listing, please complete our Non-Disclosure Agreement
