Need Help: Looking to buy a car wash. (1 IBA,4 Self Serve)

[ZippyZ55]

Hello, I am looking at buying a car wash in my small town. The population is a little more than 6,000 and growing. The place I'm looking at has four self-serve bays in great shape and 1 IBA that needs updating, along with Paystation. Current Numbers are roughly 95k revenue in the self-service and 50k in the IBA. Current Expenses are roughly 6-7k a month, with everything average. Land Value is about 150k, and the Building is in good shape.

What is the best way to figure out the valuation of this property, and what should I be willing to pay for it?

All help is appreciated.

Thank you,
Zippy

 

[Waxman]

gross income multiplier is one way. Gross of $145,000 x 3= $435,000. Gross x 5=$725,000.

This is just a starting point for determining value.

 

[washbaycowboy25]

I paid 3X gross for mine 2 bays IBA simple wash. Land was cheap. Happy with it.

 

[ZippyZ55]

gross income multiplier is one way. Gross of $145,000 x 3= $435,000. Gross x 5=$725,000.

This is just a starting point for determining value.

Are you saying I should be looking at 3x plus land value?

 

[ZippyZ55]

I paid 3X gross for mine 2 bays IBA simple wash. Land was cheap. Happy with it.

Plus land or that included all of it?

 

[washbaycowboy25]

Plus land or that included all of it?

That included all of it.