275-Location ATM Portfolio, Fully Managed, Duval County FL

$500K

SDE

3.5x

Multiple

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Full Editorial Writeup

This is a portfolio of roughly 275 active ATM placements across an established merchant network in and around Duval County, Florida. The economics are simple: the machines generate surcharge revenue on cash withdrawals, and the listing reports approximately $500,000 in annual cash flow. Note the language carefully, because the seller uses $500K to describe both annual revenue and cash flow, which is a material ambiguity that has to be resolved before anyone writes a check.

What a buyer is actually acquiring is the merchant contracts, the installed terminal base, the operating history, the reporting systems, and the third-party management infrastructure that handles cash loading, servicing, maintenance, and vendor coordination. The pitch is that this is a hands-off cash-flowing asset rather than a route you personally drive at 2am refilling machines. That is the core of the value proposition and also the core of the risk, because the profitability depends heavily on the cost and reliability of that outsourced management layer.

The ATM space is genuinely fragmented, with most operators building portfolios one merchant at a time, so scale and diversification across hundreds of locations is a real advantage. The comparable listing on the same platform (285 units, $680K cash flow, asking $2.49M) suggests this asset is priced roughly in line on a per-machine and cash-flow basis, but the buyer needs to verify surcharge trends, merchant contract terms, and location quality before treating that as a bargain.

Why we like it

The revenue model is transaction-driven surcharge income spread across roughly 275 locations, which means no single merchant sinks the cash flow if it churns. Diversification at this scale is the single most attractive feature versus a 20-machine startup route where one gas station closing craters your month.
Cash usage is remarkably durable through downturns. People pull cash for everyday needs regardless of the economy, and in tighter times some consumers actually lean more on cash, so surcharge volume tends to hold up better than most discretionary businesses.
The outsourced management infrastructure means this can genuinely run semi-absentee, with cash loading, servicing, and vendor management already handled by a professional layer. For a capital allocator who wants yield without becoming a field technician, that structure is exactly the appeal if the management costs are real and sustainable.
The industry is fragmented and consolidating, so a buyer who steps in with scale and capital can bolt on additional placements and roll up smaller single-operator routes. The near-identical 285-unit comp on the same platform confirms there is an active market of similar portfolios to acquire from.

How to improve it

Resolve the surcharge pricing across all 275 machines in the first 30 days. Many portfolios leave dollars on the table with legacy surcharge rates below local market, and a coordinated 25 to 50 cent bump across high-traffic sites can flow almost entirely to the bottom line.
Run an account-level performance review to identify dead and dying machines. Rank every location by monthly transaction count and net contribution, then pull or relocate the bottom decile that eats service costs without producing volume.
Renegotiate or competitively bid the third-party management contract. Since profitability hinges on the cost of cash loading, servicing, and vendor coordination, a lower per-machine service rate or a better processing agreement directly widens margin without adding a single location.
Pursue new placements inside the existing merchant footprint. Owners who already trust the operator across their locations are the cheapest customer acquisition available, so a simple upsell campaign to current merchants for second machines or better placement spots compounds quickly.
Upgrade selected terminals to newer models that support surcharge-free ad revenue, dynamic currency conversion, or higher reliability. Targeted capex on the highest-volume sites can lift both uptime and per-transaction economics.
Build a simple acquisition pipeline to consolidate smaller local operators. With scale and the same management layer already in place, tucking in 20 to 50 machine routes at 2.5x to 3x cash flow is accretive and uses the infrastructure you already pay for.
Institute real-time monitoring and alerting on cash-out events and downtime. Every hour a machine sits empty or offline is lost surcharge revenue, so tightening the servicing SLA and monitoring dashboard directly recovers otherwise invisible losses.

Diligence notes

Reconcile the $500K figure immediately, because the listing uses it to describe both gross revenue and cash flow, which cannot both be true. If $500K is revenue and cash flow is meaningfully lower after management fees, vault cash cost, and processing, the effective multiple is far worse than the stated 3.5x.
Verify who owns the vault cash and how it is financed. If the buyer must supply the working capital to fill 275 machines, that is a large uncounted capital requirement on top of the $1.75M price, and it materially changes the real cash-on-cash return.
Scrutinize the merchant contracts for term length, exclusivity, and surcharge-split arrangements. ATM placements churn when a landlord or store owner switches operators, so quantify contract tenure, auto-renewal terms, and historical location turnover before trusting the cash flow.
Pressure-test the management infrastructure. The entire absentee thesis rests on an outsourced layer handling cash and servicing, so confirm whether that provider transfers with the sale, what it costs per machine, and whether it is the seller's own affiliate that could raise rates or walk after closing.
Pull 24 to 36 months of processor statements showing transaction counts and surcharge income per location. This is the only way to separate a healthy diversified portfolio from one propped up by a handful of hot sites that could disappear.
Confirm regulatory and compliance standing, including money-services and BSA/AML obligations, ADA-compliant machine specifications, and EMV upgrade status. Non-compliant terminals or looming mandated upgrades represent hidden capex and legal exposure the buyer inherits.

Source

Originally listed on BizBuySell. View original listing →