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Looking to purchase

Automoglow

Automoglow

New member
I have an opportunity to purchase a 6 bay SS with1 tunnel and 8 vacuums with different features. The price includes the land .70 of an acre , 2697 square feet for the building and bays. Has a billboard ground lease. The place was built 12 years ago and is in excellent condition. Gross sales were about 400k the past 2 years. The seller is asking around 800k. Is this a good deal? Also plan to have a full detail service eventually if I purchase the property.
 
Na, this my pops friend he hasn't listed it was just thinking about selling it and gave us the chance first if he does
 
Automoglow said:
I have an opportunity to purchase a 6 bay SS with1 tunnel and 8 vacuums with different features. The price includes the land .70 of an acre , 2697 square feet for the building and bays. Has a billboard ground lease. The place was built 12 years ago and is in excellent condition. Gross sales were about 400k the past 2 years. The seller is asking around 800k. Is this a good deal? Also plan to have a full detail service eventually if I purchase the property.
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What you describe can vary widely in value based upon local real estate conditions and exactly what the "Tunnel" Consists of.
 
Is this a good deal?

I would be very skeptical of this deal.

In this part of Florida, self-serve with such sales would list for twice this amount.
 
I would be skeptical and I am a little, but the fact it's my dad's good friend makes me a little easy. only thing is how do you go about getting a business loan for that amount if I did decide to buy?
 
“….fact it's my dad's good friend makes me a little easy.”

If all of the facts are true, then you would have a gift horse in the mouth.

Assuming no seller financing, bank or lender will require down payment of between 20 and 30 percent based on how you qualify.

Figure $200,000 cash or equity (i.e. CD’s, land).

Lenders and SBA-type loans usually require summary appraisal prepared by certified appraiser.

If fair market value is significantly greater than price (and loan amount), I would suspect a request would be approved.
 
A water wizard automatic is not a tunnel. If it is an Wizard 1.0 I don't think the wash can generate 400K a year. You mean 200K a year or 400K for 2 years??? If gross is 200K I would not pay more than 3 times gross. So $600K is my highest I would pay for it.
 
400K combined 2013 and 2014. I'm trying to get the figures from the automatic to see what volume it brings in. The reason the price is high, is due to the real estate. I'm looking at the parts list and all it says is water wizard 6500 automatic wash not sure if it's a 1.0 or 2.0.
 
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400k a year for a 5 and 1 or a 6 and 1 especially given how old the automatic is, is absolutely incredible. I would be VERY skeptical of that number.
 
BBE said:
400k a year for a 5 and 1 or a 6 and 1 especially given how old the automatic is, is absolutely incredible. I would be VERY skeptical of that number.
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It's about 200k a year the 400k was the for the last 2 years. Now when you say absolutely incredible and be very skeptical are you saying the price is too much or too good?
 
The water wizard red lion computer will give you how much revenue it does each year for the last five years. I will start there. What is the automatic prices for each wash?

When I bought my first wash I paid too much for it. You pay for the business or the land value. Never Both. Assuming his number of 200K a year is correct, I would offer $500K.
 
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