[turbo6bar]

Anyone know about gas stations or know RE forums where I can get advice?

A local businessman placed 5 of his 6 gas stations up for sale. These were built in the late 70s and are not affiliated with a national chain.

I keyed on one station that is in my immediate area.
Some numbers from loopnet (my numbers in parentheses):

Inside sales $152k/mth (conservative 3% profit margin = $4500/month)
Gasoline sales 80k gallons/mth (4 cents/gallon profit = $3200/month)
Lottery sales $22k/mth (no idea what profit is here)
Check cashing service $434k/mth with 2.5% service fee ($10850/mth)

Owner is offering sale at $839k or NNN lease at $9000/mth

I presume management is already in place, as the owner cannot possibly manage 6 gas stations by himself.

Critical issues:
1) environmental - must get Phase 1 and probably Phase 2 environment assessments
2) labor costs (this will be the biggest expense)


On the flip side, I am pursuing a 2 acre lot in an adjacent town that would be ideal for a mini storage complex. The potential return is much greater, but would burn more up front money.

Anyway, the deals seems to be there, but they certainly aren't falling off trees.
jurgen