Anyone looked into gas stations?

November 07, 2025

by an investor from Columbia University - Columbia Business School in Seattle, WA, USA

I see them a lot on broker sites, BizBuySell in particular. Low cash flow but most of the value seems to be in the real estate. Curious if anyone has dabbled into the world of gas stations and have owned/operated one, and have perspective on them as an investment.

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Reply by a searcher
from SDA Bocconi in Fort Lauderdale, FL, USA

One of the big benefits is Bonus Depreciation. I don't have experience in *operating* them but I have some experience *brokering* them. - Fuel Supply contracts are a major area to focus your D.D. - often there are ROFRs, (sometimes not disclosed to the Buyer!!!) - The land typically does NOT appreciate very much because of the potential of soil contamination... even with Phase 2 studies, not many developers want to build on it after there are tanks underground. - Also tanks are a big CapEx when they need to be replaced (Useful lifespan 20yrs or so) - The Numbers are sometimes inaccurate or "cooked" (more than in other businesses) UPSIDES PLAYS/STRATEGIES: ASSET SPIN-OFF/SPLIT CAR WASHES: If it has car wash as part of the package that can be split-off, there are popular for Roll-Ups - High Demand. (Bonus Depreciation) Sale/Leaseback post-close How to create value: I have clients who hold multiple Gas Station properties in their portfolio long term NNN leases to Operators (even Wawa as tenant). They buy the business and real estate *together* then put a Strong, Creditworthy Store Operator in it on a long term NNN Lease. Split the Land off. Sell the business. It can be worth more money this way. You can sell the real estate to a passive investor (at a low cap rate) and profit. Feel free to reach out to me. :)

Reply by a lender
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA

We have financed gas stations over the years. If you would like to discuss gas stations from a lender perspective, I would be happy to do so. You can reach me here or directly at redacted

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