I am looking at a car wash that is for sale in a neighboring town. It looks like the auto wash and vacs are D&S. They seem to work but looks old, decals gone. The self serve bays has 10 function including tri foam. The wand pressure was ok but sputtered, the foam brush didnt foam just leaked out liquid soap. This wash was built 12 to 15 years ago. It's in a neglected state. No credit card just bills/quarters. I dont know how long this thing could limp along before upgrading. Its a three bay SS with one auto wash, three vacs, two w shampoo/fragrance that didnt work. One just vac. Hoses are dry rot. The structure is brick, no cover on vacs. Nice concrete pavement. I know this is a swag but what would the infrastructure alone be worth? The GIS says land value $30K, improvements $202K. Any thoughts/opinions/guesses welcomed. Trying to get financials to do analysis. They are asking ~$250k.
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Lookin At Wash For Sale
- Thread starter JohnStone
- Start date
OurTown
Well-known member
Most of those issues are easily fixed except the automatic and pay station. Those are pretty dated and will be pricey to replace. The question is will the area support the cost of the new $200K+ equipment? What is the daily traffic count, nearby population and competition?
washnshine
Well-known member
I agree with OurTown. Unfortunately the automatic is one of the old style D&S that does not measure a car and treats everything like a box. Not going to be something you would want to keep - very old technology. Do your homework on the traffic count population etc. like was stated.
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I spoke with owner today. He is saying right now (last couple of years) netting $1900/mo. Says when he kept it up and talked to people he would net $3900/mo avg. This is without debt service. Unless my math is wrong, I don't think I can make this work.
It's on a 4 lane hwy avg 11K cars/day population 6,600. Would have to look more into this. There is a another metal siding SS on the other side of town with no auto. I think the auto wash and pay station for sure need updating and is likely the money maker.
traveler17
Well-known member
Rule of thumb , 3 to 4xs the gross w/ the property. Place is worth 150 to 200k w those #’s imo. Also depends on how much you’re going to need to get the place running fluid and the lipstick.
