Posted by Joe on March 17, 2003 at 19:09:20:
Just talked with a fellow selling a 3 bay car wash his father owned before he passed away last year. The 1.35 acre lot is located on a very busy state highway(40mph) in a town of about 8,000 people. There is no other car wash in 13 miles. The place, although somewhat of a dump, was always busy over the last couple of years.
The mechanics are all self built and will need to be replaced. Have not looked into this yet, but I am assuming 15-25k. It has its own well, 100g/min and new municipal sewer. The parking lot will have to be paved this year or next and the 3 vaccums may or may not be in working order.
He has no real numbers on the property, so I am not sure what kind of numbers they were pulling in over the last 3 years. He is asking 225,000 and is open to seller financing. I would like to do something like a 3-5 year balloon to give me time to get conventional financing from a local bank. I have a duplex with 60-70k equity that I would like to do a 1031 delayed exchange. Have not looked into that yet either.
Any thoughts here? Am I missing info that would be more helpful?
Thanks
Joe