Laundin I Laundromat · 1620 Emerson Street, Evanston IL · Valuation Based on P&L
What the Numbers Say
Annualized NOI: ~$18,900 (raw) or ~$15,400 (normalized — removing the bad April)
Sale Price Range
| Scenario | Price | Why |
|---|---|---|
| Distressed / fast sale | $28,000–35,000 | Locked out, motivated seller, buyer knows it |
| Fair market | $40,000–50,000 | 2.5x annual NOI — standard laundromat multiple |
| Strong ask | $55,000–65,000 | If you can show equipment value + stable revenue trend |
The Hard Truth
The P&L supports ~$40,000–47,000 at fair market. The $60K invested is unlikely to be fully recovered from NOI alone — that gap of ~$20K has to come from:
- Equipment value — coin-op machines have real replacement cost ($15K–30K). A buyer walking into working machines pays for that.
- Lease value — $1,906/mo rent in Evanston is below market. That’s an asset. A buyer inherits a good lease.
- Customer base / location — foot traffic, Google reviews, repeat customers have intangible value.
What to List At
List at $55,000. Accept at $42,000–47,000.
- Leaves room to negotiate
- Equipment + lease justifies the premium ask
- A motivated buyer who wants a turnkey operation will pay fair value
- Do NOT list at $60K — the P&L doesn’t support it and serious buyers will walk
One Warning
April’s closure and the M&R spike will spook buyers. Frame it as: “temporary retool, now asking price reflects opportunity to buy below replacement cost.” Don’t hide it — explain it.
Supporting Data: 6-Month P&L Summary
| Nov | Dec | Jan | Feb | Mar | Apr | Total | |
|---|---|---|---|---|---|---|---|
| Revenue | $6,400 | $6,600 | $6,750 | $6,900 | $7,100 | $7,000 | $40,750 |
| Nicor Gas | $680 | $710 | $700 | $685 | $665 | $650 | $4,090 |
| ComEd | $510 | $520 | $505 | $500 | $495 | $500 | $3,030 |
| Water | $0 | $450 | $0 | $900 | $0 | $1,200 | $2,550 |
| Rent | $1,906 | $1,906 | $1,906 | $1,906 | $1,906 | $1,906 | $11,436 |
| Insurance | $220 | $220 | $220 | $220 | $220 | $220 | $1,320 |
| Labor | $950 | $1,050 | $1,000 | $900 | $950 | $800 | $5,650 |
| Supplies | $180 | $200 | $190 | $175 | $200 | $150 | $1,095 |
| Internet | $120 | $120 | $120 | $120 | $120 | $120 | $720 |
| M&R | $350 | $280 | $400 | $850 | $1,100 | $1,200 | $4,180 |
| Total Expenses | $4,916 | $5,456 | $5,041 | $6,256 | $5,656 | $6,746 | $34,071 |
| NOI | $1,484 | $1,144 | $1,709 | $644 | $1,444 | $254 | $9,449 |
Laundin I Laundromat · 1620 Emerson Street, Evanston IL