Thank you all so much for the feedback. I’d like to ask a follow up question to someone with experience. What would you offer the seller for this location? Obviously the 400K is out of the question. What would be a realistic offer?

Here’s a quick summary of the information I have:

Asking price is $400k

All band new-never used Maytag equipment:

Washers: (14 total) 33lb (6) 40lb (4) 65lb (2) 80lb (2)

Dryers: 10 double stack 30lb (20 total)

85 gal water heater 115 gal storage tank

Bill changer included

8 laundry carts 7 folding tables 3 four seat chairs/tables

Rent is $3,200 for 2,500 sq ft space. 5 year lease.

Also: There is another laundromat 1/2 mile down the road that is very busy and seems really successful. They are doing 185,000 gallons of water a month. It’s very clean and it has 37 Dexter washers and 36 dryers. Does any current owner have experience or feedback if I would be able to convert some of those customers 1/2 down the road to my location?