Business Bio: 10th Avenue Laundromat Express

Vince Lograsso
10th Avenue Laundromat Express
Lake Worth, Fla.Before Getting into the Laundry Business…Lograsso was – and still is – in the restaurant business, as well as investing in commercial real estate.Store OpeningOctober 2015Business Hours7:00 a.m. to 10:00 p.m. during the week, and 6:00 a.m. to 10:00 p.m. on the weekendsStaffThree full-time attendantsTotal Square Footage4,620 square feetParking AvailabilityThere are 30 parking spaces in the back of the store, which are reserved for the laundry, and then more general shopping center parking in the front.Lease or Own?A 10-year lease, with two five-year options.The Building10th Avenue Laundromat Express was built from the ground up. The construction process took nine months and cost approximately $1 million, including the laundry equipment.Turns Per DayAbout three to fiveUtility CostsThe store’s utility costs represent approximately 18 percent of the business’ gross revenue.Marketplace DemographicsThe laundry is located in a relatively low-income, heavily Hispanic area, with a large percentage of renters.Payment OptionsCredit/debit cards and cashWashers and Dryers18 Continental 20-pound frontloaders, $3.49
28 Continental 40-pound frontloaders, $5.49
11 Continental 55-pound frontloaders, $7.49
10 Continental 80-pound frontloaders, $8.99
12 Continental 30-pound stack dryers, 39 cents for 10 minutes
15 Continental 45-pound stack dryers, 59 cents for 10 minutesWater Heating SystemNATCO water heating systemCard SystemCCI card systemBill Changer1 American Changer bill changerLaundry Carts30 R&B Wire Products laundry cartsFolding Tables30 customized, stainless steel folding tablesFlooringTile flooringLightingLED bulbsBeverage Vending1 beverage vending machineSnack Vending1 snack vending machine
1 ice cream machineArcade-Style Games1 claw crane merchandiser gameTelevisions6 50-inch televisionsAdditional Amenities• Over-the-counter detergent sales
• Free Wi-Fi access
• ADT security system
• Fully air-conditionedWash-Dry-Fold Service$1.49 per pound; 10-pound minimumDistributorThe Laundry Shop, Pembroke Pines, Fla., (855) 888-9274