Full Service - NY

full-service-car-wash-New-York-NY

Asking Price:

$599,000

Snapshot

TYPE: Full Service

OWNER: Absentee

TUNNEL: 70ft

AREA: New York

FINANCING: Available

REVENUE: $425,000

CASH FLOW: $100,000

AVG. TICKET: $21

TYPE: Full Service

OWNER: Absentee

TUNNEL: 70ft

AREA: NY

REVENUE: $425K

CASH FLOW: $100K

AVG. TICKET: $21

FINANCING: Available

Overview

Full Service Conveyor Tunnel Car Wash for sale. Profitable today with considerable incremental upside potential for a new owner. Currently being run on a completely absentee basis and by a first-time car wash owner. The manager and staff are long-time, loyal, and tenured car wash employees. This is what allows this turn-key wash to be purchased today and for the new owner to start making money day one.

This wash can either be kept as a Full Service wash or could be converted to a Flex Serve model by taking advantage of the site’s ideal layout to execute such. Either course, when executed correctly by a committed owner, will allow for the doubling of revenue and more than doubling of profits.

Site

This car wash is situated on the corner of a high traffic four-way intersection. A long path of ingress allows for significant car stacking. Ample and wide egress allows for high volume capacity and throughput.

Long term triple net (NNN) ~30 year lease with 15 years remaining. Lease does feature a first right of refusal to purchase the underlying land (and this right is transferable to the next leasee). Rent is ~7.25k per month.

Setup

This wash features two ~70ft tunnels, although only one is conveyorized and being utilized. A greeter booth is conveniently situated for payment collection and package selection. The site features ten vacuums, four at the cars entrance and six others for self and employee use post-wash. The wash also features capacity and spots for four additional vacuums as well.

Facility and Equipment

The current owners spent over $125K in capital improvements, equipment, internals, and a complete renovation of the interior waiting room / lounge. All of this has been done and spent over the course of the past sixteen months.

New equipment includes, but is not limited to, brand new vacuums, new air compressors, new Belanger conveyor, refurbished blowers (with VFD), new canopies, new signage, new pressure washer prep guns, and more.

Operations

This wash is underperforming in comparison with it’s true potential, and it’s still profitable while operating at this level. The current owners are not using the second tunnel (for either a second conveyor, flexing their offering, or detailing), sticking to a rigid full service model and offerings, selling no merchandise or goods of any sorts out of the brand new recently renovated interior waiting room / lounge, have no membership or loyalty program at all, and do absolutely no advertising.

In the way of personnel, this wash has a dedicated and proven team, including a long-tenured manager, that would like to stay on and take this wash to the next level if the new owner would like them to.

Financials

Over the past twelve months, this car wash has produced over $425K in revenue, having washed ~20K cars at a ~$21 average ticket, producing ~$100K of true EBITDA for the owners. This wash has reached operating leverage and fixed costs will not have to be increased to increase revenue further. This means that for every incremental dollar in revenue, a larger proportion of each dollar grossed will convert to net profit. It is both fair and conservative to expect this wash to net a new committed owner in the range of $250K of true EBTIDA during their first year of ownership, and this wash is well capable of producing $500K in EBITDA in years thereafter with an established membership program and ideal operational setup.

Competition

There is no competition in a two-mile radius surrounding this wash. Situated on the highest traffic road in the area - you can truly own the entire local market.

History and Background

The current owner purchased this car wash in early 2019 as a first time car wash owner. Having owned, and currently still owning and running multiple other businesses, this was a venture with the goal of passive income creation. Although very successful in improving the wash from the state of the past owner, and successful in achieving his goal of passive income creation, the owner currently has demands from his other businesses which he knows will prohibit him (in the way of time) from taking this wash to the next level and realizing its true potential.

Financing

Financing on this wash is available in all forms. Seller financing, SBA financing, and conventional financing are all available for this wash.

Conclusion

Here is an opportunity to own a wash with immense untapped potential, with the hard work already done, and with a large cushion of a supportive and well-tenured team and already being profitable today. It is a wonderful wash for a first-time owner, as well as an attractive tack-on acquisition opportunity for current industry operators.

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