Highly Profitable Apartment Renewal Business

Contact: Mike Greengard
Phone: 6164500707
Email: [email protected]
Your Reference ID: MG1101118

Description:

We are pleased to offer a jewel of a business with both a great market niche and a desirable location. This 15 year old business has contracts with property management companies, colleges, universities, apartment complexes and the like to quickly renew rental units using its 17 full-time, non-union employees and dozens of part-time and seasonal workers. This is a full service apartment turning business offering customers choices of services including cleaning, painting, carpet cleaning, and/or light maintenance. The company turns literally thousands of apartments annually.

The business resides in an attractive, leased headquarters (which includes both offices and warehouse) in a desirable community in West Michigan. The rent is very favorable at barely 1.0% of revenues, and the location is such that the booming surrounding area has developers and institutions alike building apartments and dormitories at an astounding rate which of course bodes well for future business activity for this already successful business.

The company has a customer base that reads like a “Who’s Who” in West Michigan., and there is no customer concentration – the largest customer accounts for less than 10% of revenues. The business averages $1.56 million annually in revenues and impressively averages an annual EBITDA of $260,000. The owner, who is employed full-time elsewhere in corporate management, has an excellent team in place which allows the business to flourish in his absence.

The business is being offered for $825,000 which is a very attractive 3.2x EBITDA, and only 53% of average annual revenues. Plenty of well-maintained equipment is included in the price. A low six figure seller note could be available for a qualified buyer. This business has it all: well niched market position; huge barriers to entry; great customer base; wonderful new business opportunities; and an impressive and consistent cash flow.

To learn more about this excellent and highly bankable business opportunity, please contact Mike Greengard (mgreengard@praxisbusinessbrokers.com).

Location(s): West Michigan

Asking Price: $825,000
Cash Flow: $260,000
Gross: $1,560,000

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