LOOKING FOR INPUT FROM CONVENIENCE STORE INVESTORS

[Sherri Southwell]

Here's the scenario in a nutshell.  I came across a convenience store in the hood with attached coin op laundromat in need of all new machines and repairs/updates.  Currently the store is the only portion of the business that's operational.  Lots of dead stock on the shelves that needs to go.  In speaking to the owner, I found out that he's owned it for 23 years and is ready to exit (sounds like he's been ready for a while).  He is the sole proprietor with no other help.  It's located on a main road with high traffic (vehicle and foot) and community ties.  He also owns a large vacant lot adjacent to the store which would convey with any sale. The one page P & L he provided left us with a lot of questions. 

We would like to help him but his valuation seems way too high considering the the condition of the store/laundromat and the amount of $ and work it would take to bring it back to life.  Do any of the seasoned commercial investors out there have any suggestions on how to approach this to make it a win/win for both of us? Just to clarify, I'm not interested in running it.  I will either wholesale it or list it with my brokerage.  

Thanks in advance!